Without significant data being released this week the market is
not moving very much, the most significant release this morning
was the Building Permits for new construction in Canada for the month of March. The increase of 8.6% shattered
expectations of a .9% increase
strengthening the Canadian
Dollar slightly. The other release of significance was the Ivey Purchasing Managers Index which disappointed coming
in at 52.2 which was far lower than expectations of 58.3, this has not caused very much movement with the Canadian Dollar failing to react to this
weak report. Not a lot of movement is expected for the rest of the day and we should have a tight trading range
overnight as has been the pattern for the past few weeks.
The Euro has
weakened after a speech by the president of the European Central Bank, Mario
Draghi. Part of the speech included the confirmation that the ECB is ready to
make additional cuts to the interest rate in addition to last weeks cut to .5%.
This also called for increased competition and growth through increased
flexibility in the markets and a reduction of red tape. The main item of
interest in this speech was the change in interest rate policy which has weakened the Euro marginally.
Yonah
Yonah
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