GFX Morning Commentary May 24th, 2013

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar 1.0300 – 1.0375

Today’s suggested range for the Canadian dollar  against the Euro 1.3370 – 1.3440

Today’s suggested range for the Canadian dollar  against Sterling 1.5600 – 1.5670

In the Asian session the Japanese Yen gained for a second straight day against the US Dollar attracting some repatriation flows from the Nikkei upheaval yesterday along with safe haven attraction. The Nikkei gained 0.9% overnight after initially dropping 3.5%.

In Europe the single currency strengthened against the USD dollar on better than expected German IFO data showing the business climate index improved to 105.70 from 104.40 in April. The only group of currencies underperforming the US Dollar overnight is the commodity sector currencies. Several banks are lowering their currency forecasts on the AUD, CAD and NZD for year end.

The North American opening is waiting on U.S. durable goods data at 8:30am with expectations of a 1.7% rise after falling 5.7% the previous month. The Canadian dollar is weaker against its U.S. counterpart but remains within recent ranges, but lost considerable ground overnight against the Euro and British Pound with both cross pairs gaining 100 pips. There is no economic releases in Canada and the next focal point will be the Bank of Canada interest rate decision next Wednesday which will hold interest rates steady but will be closely watched to see if they drop their tightening bias. Dow futures are pointing lower by 55 in pre-market with both gold and oil marginally lower. Today could see some whippy price action as the markets thin out ahead of the U.S. long weekend.
For today's FX opening FX rates and other FX resources please visit our Blog.  

Have a great weekend!

GFX Morning Currency Rates
Friday May 24, 2013
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0348			1.0331
CAD/USD		0.9664			0.968
EUR/USD		1.2972			1.2891
EUR/CAD		1.3429			1.3322
STG/CAD		1.5665			1.5585
AUD/CAD		1.0012			1.0039
CAD/JPY		98.05			98.25
CAD/CHF		0.9286			0.9348
CAD/HKD		7.4791			7.4925
CAD/CNY		5.9237			5.938
CAD/MXN		12.0257			12.0873
Commodities
Gold		$1,385.00			$1,390.00
OIL		$93.60			$93.39
US DOLLAR INDEX
P.CLOSE		83.79			84.36
OPEN		83.59			84