Good
Morning,
Today’s
suggested range for the Canadian dollar against the US Dollar 1.0215 – 1.0285
Today’s
suggested range for the Canadian dollar against the Euro 1.3140 – 1.3215
Today’s
suggested range for the Canadian dollar against Sterling 1.5600 – 1.5680
The
commodity based currencies are under considerable pressure. The Canadian
dollar is the hardest hit currency from overnight in what can only be
described as a very volatile 24 hours. The Canadian dollar has lost a full
cent from its highest level yesterday after poor U.S. economic data hit the
greenback.
In
late afternoon yesterday the San Francisco Fed President John Williams said
the central bank could start trimming its $85 billion monthly bond buying
program(quantitative easing) as early as the summer. The US dollar Immediately
firmed on the news.
The
US dollar has firmed against the other major currencies but to a lesser
extent. Any tapering of the U.S. bond buying is seen as a positive as the
government doesn’t have to print as much money. I find the timing by the Fed
official odd given the worse than expected run of U.S. economic data
especially the surge yesterday in jobless claims. While the U.S. unemployment
rate hovers around the current 7.4% I’m sure any pullback in QE will be much
later than the summer period.
Today
we have the Canadian consumer price index release at 8:30am with y/y
inflation expected at .9% down from the previous month of 1.0%. In the U.S.
we have Michigan confidence and leading indicators at 10:00am.
Dow
futures are positive up 35 in pre-market evidence that the equity markets are
not overly concerned by the recent chatter of reducing stimulus. Oil is also
firmer but gold is off on US Dollar strength.
| GFX
Morning Currency Rates |
|
| Friday May 17, 2013 |
|
| Currencies |
7:00am Today's Opening |
|
Yesterday's Opening |
|
|
|
|
|
|
|
|
| USD/CAD |
|
1.0252 |
|
|
1.0196 |
|
|
| CAD/USD |
|
0.9742 |
|
|
0.9807 |
|
|
| EUR/USD |
|
1.2865 |
|
|
1.2864 |
|
|
| EUR/CAD |
|
1.3193 |
|
|
1.312 |
|
|
| STG/CAD |
|
1.5628 |
|
|
1.5512 |
|
|
| AUD/CAD |
|
1.0005 |
|
|
0.9997 |
|
|
| CAD/JPY |
|
99.81 |
|
|
100.66 |
|
|
| CAD/CHF |
|
0.941 |
|
|
0.949 |
|
|
| CAD/HKD |
|
7.5503 |
|
|
7.5916 |
|
|
| CAD/CNY |
|
5.9867 |
|
|
6.0284 |
|
|
| CAD/MXN |
|
12.0165 |
|
|
12.0174 |
|
|
| Commodities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gold |
|
$1,379.00 |
|
|
$1,371.00 |
|
|
| OIL |
|
$95.64 |
|
|
$93.50 |
|
|
|
|
|
|
|
|
|
|
| US
DOLLAR INDEX |
|
|
|
|
|
|
| P.CLOSE |
|
83.9 |
|
|
83.91 |
|
|
| OPEN |
|
84.05 |
|
|
84.07 |
|
|
|
|
|
|
|
|
|
|
|
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