GFX Morning FX Commentary October 29th, 2013

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar

Today's expected range for the Canadian Dollar against the Euro

Today's expected range for the Canadian Dollar against Sterling‎‎

The US Dollar is marginally stronger this morning as currency markets retrench ahead of the US Federal Reserve interest rate announcement tomorrow. The Pound was weaker for most of the night but rebounded on some more positive economic data, this time it was the UK housing market that showed a better than expected rise in mortgage approvals, as long as the UK economy remains on a strengthening foundation the Bank of England should hold back on any further stimulus.

The other big currency mover last night was the Australian Dollar which fell about 0.7% on reports by government officials that a worsening trade picture will drive the currency lower.

The Canadian Dollar is unchanged against the US Dollar this morning but it did recover a little against the Euro and Sterling, the Loonie still remains under pressure against these currencies. Given the strong performances by European currencies of late I don't see this situation changing in the near future.

Up today we get a slew of economic data including the US Retail Sales report for September and the October Consumer Confidence report, we also get some secondary inflation data out of Canada so we could see a busy morning. Overall the sentiment still remains for USD.CAD to move higher at some point with pullbacks limited on the down side.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0432			1.0442
CAD/USD		0.9585			0.9576
EUR/USD		1.3758			1.3816
EUR/CAD		1.4352			1.4423
STG/CAD		1.6773			1.6922
AUD/CAD		0.9908			1.0037
CAD/JPY		93.61			93.46
CAD/CHF		0.8604			0.8557
CAD/HKD		7.4294			7.4235
CAD/CNY		5.8355			5.827
CAD/MXN		12.4162			12.5407
Commodities
Gold		$1,344.00			$1,361.89
OIL		$98.15			$97.94
US DOLLAR INDEX
P.CLOSE		79.4			79.34
OPEN		79.52			79.25
US 10YR YIELD		2.51%			2.50%