Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0300-1.0360
Today’s
expected range for the Canadian Dollar against the Euro is 1.3350-1.3425
Today’s
expected range for the Canadian Dollar against Sterling is 1.5600-1.5660
The
US Dollar is marginally weaker this morning in quiet overnight markets. The
Euro jumped to trade at a high of 1.2950 as there were reports that Spain will
be given until 2016 to get their budget deficit in line with EUR rules of 3% of
GDP, most Euro watchers were paying attention to the EU foreign ministers
agreeing to lift the ban on providing weapons to the Syrian opposition, of
course Russia came out swinging against this decision so look for that country
to start supplying even more weapons to the Assad regime, peace does not look
optimistic in the near future. The biggest
moving currency overnight was the Yen which weakened once again
against the Greenback as Japanese officials stated that there is more room to
provide stimulus if needed, Overall a very quiet night for most currency
traders.
The
Canadian Dollar had a very quiet night as USD.CAD hangs in above the 1.0300
level. The Loonie is much weaker than where I left it before going to Spain a
move which was very quick and violent based on the overall stronger US dollar.
I think we will sit at these levels for a while now providing that we do not
get any surprises from Mark Carney’s final interest rate announcement tomorrow
but US Dollar buyers need to be concerned that a further jump in the US Dollar
across the board could easily move USD.CAD up towards 1.0400.
Up
today we get the release of the US Consumer Confidence report for February, I
will be looking to see how the recent spate of poor economic reports is affecting
the consumer in the US, a very poor number could hit equity markets hard and bring
some added volatility to the currency markets.
Thanks
to everyone who welcomed me back yesterday, we had a great trip to Spain with a
quick stop in Gibraltar which was interesting to see. We were down in a town
called Sotogrande which is an hour south of Malaga near the Gibraltar border
and it is a region that is primarily a tourist area with lots of golf courses
and hotels. My first impression was that there was very little new construction
going on and quite a few projects that had been abandoned during construction,
when we were back in Spain 4 years ago I think in one town alone I remember see
some 30 construction cranes, I think I saw two on the whole trip this year. An
area such as this would thrive on new housing developments targeted at
foreigners and I really did not see a any of that going on, a few billboards
here and there but no real activity, it certainly looks like the English and
Germans are not travelling as much as they did. It may have been because it was
off season in Sotogrande but the hotels seemed very quiet and the golf courses
were quite empty, hopefully the summer season will be better for them. If
anyone would like any information on the region just drop me an email and I will
be glad to help, we had a great time and I think will head back there in the
future.
We
did a quick tour of Gibraltar and found out that after the border being closed
for quite a few years back in the 70’s and 80’s some 10,000 Spaniards now make
the trip to Gibraltar every day for work, from what I could see it is pretty
much an open border with very little passport control, the two economies are
very intertwined. As a financial center I should explore opening GFX Gibraltar
and see what opportunities lie there, It looked like a great place to live!!
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0336 | 1.0322 | |||||
| CAD/USD | 0.9671 | 0.9688 | |||||
| EUR/USD | 1.2928 | 1.2945 | |||||
| EUR/CAD | 1.3365 | 1.3365 | |||||
| STG/CAD | 1.5617 | 1.5623 | |||||
| AUD/CAD | 1.0005 | 0.996 | |||||
| CAD/JPY | 98.64 | 97.64 | |||||
| CAD/CHF | 0.9362 | 0.9317 | |||||
| CAD/HKD | 7.4892 | 7.4986 | |||||
| CAD/CNY | 5.9265 | 5.9273 | |||||
| CAD/MXN | 12.0646 | 12.4848 | |||||
| Commodities | |||||||
| Gold | $1,379.00 | $1,392.00 | |||||
| OIL | $94.71 | $93.57 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 83.74 | 83.7 | |||||
| OPEN | 83.85 | 83.6 | |||||
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