Today’s
expected range for the Canadian Dollar against the US Dollar is 1.0645-1.0720
Today’s
expected range for the Canadian Dollar against the Euro is 1.4560-1.4630
Today’s
expected range for the Canadian Dollar against Sterling is 1.7540-1.7610
The
US Dollar is once again mixed this morning as it is weaker against the Euro and
Sterling but marginally stronger against the Canadian Dollar and other
commodity currencies. The Australian Dollar had a big drop as records showed
that total trade between Australia and China fell for the first time in 5
months, I would guess that would be the case for a lot of the commodity
currencies including Canada.
The
Euro jumped higher this morning on a stronger than expected German employment picture
and inflation data that showed inflation is not a concern at the moment in the EU
economy. These numbers may allow the ECB to lower European interest rates once
again at their meeting this week. Sterling was able to jump higher again on the
back of the stronger Euro.
The
Canadian Dollar is weaker this morning as it trades under pressure from
comments made late yesterday by Finance Minister Jim Flaherty. Addressing the
media yesterday Flaherty made the statements that he sees the Canadian budget deficit
picture improving but also said that Bank of Canada governor Poloz favours a
weaker Canadian Dollar which would help the Canadian export market, this is
just some further examples of the verbal intervention that we have seen from
other world leaders in an attempt to weaken their currency.
Up
today we do get some secondary US & Canadian data and some US Federal Reserve
speakers talking about the US economy so currency markets may remain on edge. Last
night the US Senate ratified the appointment of Janet Yellen as the new
chairperson of the Federal Reserve but by the smallest margin in the history of
appointing new Fed leaders, I think there is still lots of discourse in the US political
system.
Look
for USD.CAD to continue to trade around the 1.0700 level early today with
pressure still mounting for a push higher.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0692 | 1.0638 | |||||
| CAD/USD | 0.9353 | 0.94 | |||||
| EUR/USD | 1.3641 | 1.3603 | |||||
| EUR/CAD | 1.4592 | 1.4473 | |||||
| STG/CAD | 1.7555 | 1.7422 | |||||
| AUD/CAD | 0.9546 | 0.9523 | |||||
| CAD/JPY | 97.61 | 98.28 | |||||
| CAD/CHF | 0.8477 | 0.8501 | |||||
| CAD/HKD | 7.2458 | 7.284 | |||||
| CAD/CNY | 5.6559 | 5.687 | |||||
| CAD/MXN | 12.2421 | 12.3301 | |||||
| Commodities | |||||||
| Gold | $1,239.00 | $1,237.00 | |||||
| OIL | $94.00 | $94.51 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 80.66 | 80.85 | |||||
| OPEN | 80.67 | 80.81 | |||||
| US 10YR YIELD | 2.96% | 2.99% | |||||
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