Monday 18 November 2013

GFX Afternoon Commentary

Good afternoon,

Below are the current daily levels vs. the other major currencies.
USD.CAD 1.0432 down  0.07%

GBP.CAD 1.6802 up 0.15%
EUR.CAD 1.4106 up 0.12%

The USD fell to the lowest level in more than a week against the EURO.  We are awaiting remarks today from Federal Reserve speakers, and the feeling is that they will echo Janet Yellen in reiterating the need for monetary stimulus.  This could cause some volatility with USD against the major currencies.
The Canadian dollar rose for a second day against the US dollar, as the outlook for Canada’s commodity exports improved with China’s pledge to expand economic freedoms.

The only economic data out this morning in North America was foreign investment flows for both countries.  Foreign investment in Canadian securities rose to CAD 8.36 billion in September, exceeding expectations of CAD 6.71 billion, but it had little impact on the currency market.
This upcoming week’s highlights for Canada will include inflation data that will be released on Friday, while in the U.S. Wednesday’s retail sales data and CPI will be closely watched.

The overnight expected range for the Canadian dollar against the USD dollar 1.0380-1.0480
The overnight expected range for the Canadian dollar against the Euro is 1.4060-1.4140

The overnight expected range for the Canadian dollar against Sterling  is  1.6750-1.6850
Have a great afternoon.
Barbara

Barbara Friedman  | GFX Partners Inc |Currency Advisor

No comments:

Post a Comment