GFX Morning Commentary Dec 6th, 2013

Good Morning,   Today’s suggested range for the Canadian dollar against the US Dollar is 1.0610 – 1.0690   Today’s suggested range for the Canadian dollar against the Euro is 1.4520 – 1.4620   Today’s suggested range for the Canadian dollar against Sterling is 1.7675 – 1.7500   Today is the big event with payroll data forthcoming out of North America. Most of the major currencies were sidelined ahead of the unemployment figures due out at 8:30am. The Japanese Yen weakened overnight breaking a four day rally after an advisory board notified Japan’s Government Pension Fund to start cutting domestic holdings. This would allow Japanese Investors to hold a larger percentage of foreign assets making the Yen less appealing.   The European single currency was contained to extremely tight ranges overnight after surging post ECB statement yesterday which refrained from further monetary stimulus. The British Pound recovered from a three day sell off against the Euro after an industry report showed U.K. house prices  rose 1.1% in November, nearly doubling expectations.   The Canadian dollar like the other major currencies overnight was held to narrow ranges ahead of the important payroll data. In Canada job growth for November is expected to rise 7.5k down from the previous months 13.2k creation. The volatile session we witnessed yesterday in USD/CAD was because some investors believe Bank of Canada is too pessimistic on their view  of economic growth. The unemployment rate in Canada is expected to edge higher to 7.0% from 6.9%. In the US. Non- farm payroll is expected to gain 185k jobs lower from the previous month of 204k with the unemployment rate expected slightly better at 7.2% down from the previous 7.3%. I believe both reports can exceed expectations just based on recent economic data which has shown to be more upbeat. The Dow futures are higher by 50 in pre-market trading with gold and oil a little softer. For today's FX opening FX rates and other FX resources please visit our Blog.      Have a great weekend!       GFX Morning Currency Rates Friday December 06, 2013 Currencies 7:00am Today's Opening  Yesterday's Opening USD/CAD 1.066 1.0668 CAD/USD 0.938 0.9374 EUR/USD 1.3669 1.3589 EUR/CAD 1.4571 1.4501 STG/CAD 1.7436 1.7443 AUD/CAD 0.9664 0.9628 CAD/JPY 95.74 95.63 CAD/CHF 0.8403 0.8453 CAD/HKD 7.2694 7.2616 CAD/CNY 5.7034 5.7081 CAD/MXN 12.2723 12.2595 Commodities Gold $1,227.00 $1,234.00 OIL $97.23 $97.80 US DOLLAR INDEX P.CLOSE 80.28 80.62 OPEN 80.31 80.63 US 10YR YIELD 2.86% 2.82%