Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0290-1.0360
Today’s
expected range for the Canadian Dollar against the Euro is 1.3770-1.3850
Today’s
expected range for the Canadian Dollar against Sterling is 1.6150-1.6230
The
US Dollar is marginally weaker to start the new North American trading week in
a very quiet overnight trading session. EURO.USD jumped to trade at 1.3370 on reports
from the Bundesbank (German Central Bank) that interest rates in Europe will
most likely rise if inflation begins to be a concern. Just a quick reminder to
readers that Germany no longer controls their own interest rate, European
interest rates are the realm of the European
Central Bank so if Germany wanted to vote to increase interest rates because they
felt inflation was taking off I am sure there will be other countries voting not
to increase as that will put pressure in their deficit reduction targets. It
will be a very interesting situation if the ECB must consider raising interest
rates in the future, I do not believe their economy could withstand higher
interest rates at the moment.
The
Canadian Dollar overnight trading range was confined to less than 15 points, so
another very quiet overnight market for the Loonie. With absolutely no economic
data due out today I think we will be in for another quiet session, I still
favour a move higher for USD.CAD towards 1.0400 but again I think it will be a
slow move higher.
We
do get some interesting Canadian statistics this week including Retail Sales on
Thursday and CPI on Friday and the US Federal Reserve minutes on Wednesday so
hopefully that will give the currency markets some direction at the moment.
Other than that I think it will be another quiet week as we continue to move through
quiet summer markets.
Have
a great week
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0339 | 1.0324 | |||||
| CAD/USD | 0.9672 | 0.9686 | |||||
| EUR/USD | 1.336 | 1.3336 | |||||
| EUR/CAD | 1.3816 | 1.3772 | |||||
| STG/CAD | 1.6184 | 1.6152 | |||||
| AUD/CAD | 0.9467 | 0.9478 | |||||
| CAD/JPY | 94.8 | 94.35 | |||||
| CAD/CHF | 0.8948 | 0.8964 | |||||
| CAD/HKD | 7.4781 | 7.4873 | |||||
| CAD/CNY | 5.92 | 5.9224 | |||||
| CAD/MXN | 12.6098 | 12.4509 | |||||
| Commodities | |||||||
| Gold | $1,374.00 | $1,365.00 | |||||
| OIL | $107.13 | $107.50 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.34 | 81.18 | |||||
| OPEN | 81.27 | 81.26 | |||||
| US 10YR YIELD | 2.83% | 2.75% | |||||
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