Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0475-1.0530
Today’s
expected range for the Canadian Dollar against the Euro is 1.3450-1.3530
Today’s
expected range for the Canadian Dollar against Sterling is 1.5625-1.5700
The
US Dollar is weaker this morning as the currency markets get ready for the
release of the US Federal Reserve policy minutes from their last meeting and Fed
Governor Ben Bernanke’s speech this afternoon. The big movers overnight were
the Japanese Yen and Sterling, in Japan USD.JPY fell over 100 points as the
Bank of Japan began their two day interest rate policy meeting, it is not
expected that the BOJ will add any more stimulus to their economy as there is signs
that they will use the word “recovery” for the first time in two years in their
statement.
In
the UK the Pound is trading stronger and GBP.USD is back above the 1.4900
level, once again we see the Pound finding support below the 1.4900 level, it
may take another round of bad data to give it the momentum to continue its
march lower but we do expect Sterling to drop further in the coming weeks.
GBP.CAD continues to fall as well but obviously not as fast as against the USD.
The
Canadian Dollar is marginally stronger overnight as the weaker dollar and a
jump in the price of commodities are helping the Loonie. Oil has jumped to $105
a barrel but again I caution readers that the correlation between the price of
oil and the Canadian Dollar seems very low at the moment, there are too many
other factors influencing the Loonie, especially when Canadian oil trades at a
$20 discount on world markets.
Ahead
of the US Fed report and Bernanke speech I anticipate that the currency markets
will be quiet, we do get the release of the US Wholesale Trade report but
barring any big surprises I do not expect much movement, I look for USD.CAD to
break below the 1.0500 level at some point this morning.
There was a report on Bloomberg this morning stating that US companies such as Proctor and Gamble, Tiffany & Co., Delta Airlines and Apple are blaming the high US Dollar for reduced profits, it will be interesting to see if this trend starts to influence the momentum that the US Dollar has built up over the past little while.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0515 | 1.0558 | |||||
| CAD/USD | 0.951 | 0.9471 | |||||
| EUR/USD | 1.2817 | 1.2862 | |||||
| EUR/CAD | 1.348 | 1.358 | |||||
| STG/CAD | 1.566 | 1.5667 | |||||
| AUD/CAD | 0.9682 | 0.9655 | |||||
| CAD/JPY | 95.17 | 95.88 | |||||
| CAD/CHF | 0.9214 | 0.9168 | |||||
| CAD/HKD | 7.3545 | 7.3249 | |||||
| CAD/CNY | 5.8312 | 5.8047 | |||||
| CAD/MXN | 12.2935 | 12.1953 | |||||
| Commodities | |||||||
| Gold | $1,252.00 | $1,248.00 | |||||
| OIL | $104.68 | $103.00 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 84.85 | 84.43 | |||||
| OPEN | 84.53 | 84.59 | |||||
229 Yonge Street, Suite
502
Toronto, ON M5B 1N9
Trading Room |
416-217-3088 |
Direct Line 416-217-3095 | Fax 416-217-3089 |
E-Address |
msmith@gfxpartners.ca |
Website | www.gfxpartners.ca
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