Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0475-1.0550
Today’s
expected range for the Canadian Dollar against the Euro is 1.4000-1.4070
Today’s
expected range for the Canadian Dollar against Sterling is 1.6220-1.6290
The
US Dollar is marginally stronger this morning in quiet FX trading markets. Much
the same as yesterday FX markets are focusing on the melt-down in emerging
markets, this morning the Indian Rupee hit a 20 year low against the US Dollar,
the Turkish Lira hit a record low and the South African Rand fell to its
weakest level since 2009, it is a clear trend to move money out of emerging
market countries and into more stable currencies like the Euro and US Dollar.
Sterling
was also a bit lower as BOE Governor Carney will be talking about the economy
today, it is expected that he will emphasis the need for low interest rate for
some time to come, Sterling should continue to trade with a weak bias for the
short-term.
The
Canadian Dollar is a bit weaker from it close yesterday afternoon, it did stage
a small rally yesterday as the price of oil seemed to give the commodity
currencies a bit of a boost but it has been some time since the Loonie was
strongly correlated to the price of oil, I would not look for big gains in the
Loonie if Oil suddenly start to jump in price.
Up
today we get some housing data out of the US so for the most part it should be
a quiet day. Talks of Western military intervention in Syria will dominate the
geo-political arena today, if there are clear signs of the West starting a bombing
campaign then look for the US Dollar to rally as investors run to the safe
haven of US treasury bills.
I
will be out of the office today and Thursday but back in on Friday, there will
not be a commentary tomorrow morning, if
you want to know anything that happened in the overnight market just drop Randy
a note. rdavis@gfxpartners.ca
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0497 | 1.0528 | |||||
| CAD/USD | 0.9526 | 0.9498 | |||||
| EUR/USD | 1.3352 | 1.3345 | |||||
| EUR/CAD | 1.402 | 1.4054 | |||||
| STG/CAD | 1.6242 | 1.6338 | |||||
| AUD/CAD | 0.9366 | 0.9424 | |||||
| CAD/JPY | 92.66 | 92.82 | |||||
| CAD/CHF | 0.8757 | 0.8746 | |||||
| CAD/HKD | 7.3814 | 7.3455 | |||||
| CAD/CNY | 5.8261 | 5.8115 | |||||
| CAD/MXN | 12.6972 | 12.6839 | |||||
| Commodities | |||||||
| Gold | $1,424.00 | $1,412.00 | |||||
| OIL | $109.57 | $106.90 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.18 | 81.42 | |||||
| OPEN | 81.44 | 81.5 | |||||
| US 10YR YIELD | 2.72% | 2.80% | |||||
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