The US released their first quarter GDP report which showed a growth rate of 1.8% which came in well below expectations of 2.4%. With
a poor GDP report stock markets pushed higher and the US Dollar
dropped off on the expectation that the Fed may not be able to pull stimulus as
quickly as they had first thought.
The Canadian Dollar has remained range
bound for the morning unable to turn the weaker US GDP
numbers into sustainable gains,
while other commodity
currencies like the Aussie have fallen the Canadian Dollar remains consistent
in the same range.
Up
tonight get CPI and unemployment out of Japan and Unemployment out of Germany,
there will be lots of events to bring some volatility to the market tonight.
Barring any surprises we look for USD.CAD to remain range bound through the
night as the market get ready for Canadian GDP on Friday, but if any of these
reports show a much worsening global economic picture we could find USD.CAD
quite a bit higher tomorrow night.
Have a great evening
Yonah
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