GFX Afternoon Commentary 2nd December, 2013

Good afternoon,

Below are the current daily levels vs. the other major currencies.

USD.CAD 1.0632 up 0.17%

GBP.CAD 1.7403 up 0.16%

EUR.CAD 1.4405 down 0.15%

The USD has risen as the Institute for Supply Management’s factory index rose to 57.3 in November from 56.4 a month earlier, as shown by the, Tempe, Arizona-based group’s report showed today.

Sterling has reached the strongest since August 2011 versus the dollar after separate data showed British house prices increased in all regions last month for the first time in more than six years. The Bank of England has said that officials may consider raising interest rates sooner than previously forecast as the recovery gains pace.

The afternoon session is very quiet. It looks like the Canadian dollar  is consolidating after the sell off from overnight. The market focus is shifting to the BOC policy announcement Wednesday with no economic releases tomorrow.

The overnight expected range for the Canadian dollar against the USD dollar 1.0600-1.0650

The overnight expected range for the Canadian dollar against the Euro is 1.4370-1.4440

The overnight expected range for the Canadian dollar against Sterling is 1.7380-1.7450

Have a great afternoon,

Bethlehem Belte| GFX Partners Inc I Currency Advisor