Today's expected range
for the Canadian Dollar against the US Dollar is 1.0930-1.1000
Today's expected range for the Canadian Dollar against the Euro is 1.5170-1.5240
Today's expected range
for the Canadian Dollar against Sterling 1.8430-1.8500
My apologies for the lack of commentary over the past few days,
the email Web site we use was not able to process any emails due to server
issues. I always post the email to our blog site so if you find that you don't
get it one morning just bookmark the Web address www.gfxpartners.blogspot.com
and you can always find it there.
The US Dollar is
marginally weaker again this morning as another strong report out of the UK
helped push Sterling higher. This morning it was a Consumer Confidence report
that produced the highest level of confidence in over 8 years for the UK
economy, global investors are certainly convincing themselves that the Bank of
England will have to raise interest rates a lot sooner than any other major
economy and at the same time they are expecting the European Central Bank to
cut interest rates to stem deflation. Clearly the UK economy is racing ahead
the rest of Europe and Sterling should continue to benefit.
The Euro was a bit
stronger against the Greenback as the Euro-Zone inflation report came in at
0.7% which was a little less than expectation but more importantly the prior
month was not adjusted, markets will now wait and see what Draghi’s does with
these numbers at the next meeting of the ECB but clearly deflation is a rising
concern in Europe.
The Canadian Dollar
had a quiet night but so far has been able to hold onto the strength it picked
up on Tuesday night as it traded in a narrow band for much of the night. We get
a sales of important data to end the month including the Canadian GDP report
for March where we are expecting a 0.2% inflation rate in March which would put
us at 2.5% on a year-over-year inflation rate. The Canadian number will most likely
be overshadowed by the release of the US GDP report but if we see a stronger than
expected inflation rate then you should see the Loonie jump higher and USD.CAD
drop.
As mentioned today we
get the US GDP report and the announcement from the US Federal Reserve on
interest rates. For the Q1 GDP report we are expecting a growth rate of 1.3%
annualized growth rate(down from 2.6% in Q4) which is probably a bit low for the
US economy, they are blaming the low number on the cold winter. On the Fed side
of things we are not expecting any changes to the tapering policy and it really
should be more of a stay the course announcement, if they were too surprise the
market with a change in policy then look for the markets to get quite volatile.
With all the different
announcements today make sure you get your orders in early, we are bound to
have some volatility
Have a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0963 | 1.0973 | |||||
| CAD/USD | 0.9121 | 0.9113 | |||||
| EUR/USD | 1.3829 | 1.3863 | |||||
| EUR/CAD | 1.5264 | 1.521 | |||||
| STG/CAD | 1.8439 | 1.844 | |||||
| AUD/CAD | 1.0156 | 1.0167 | |||||
| CAD/JPY | 93.53 | 93.6 | |||||
| CAD/CHF | 0.8043 | 0.8016 | |||||
| CAD/HKD | 7.0655 | 7.0616 | |||||
| CAD/CNY | 5.707 | 5.7004 | |||||
| CAD/MXN | 11.9666 | 11.957 | |||||
| Commodities | |||||||
| Gold | $1,292.00 | $1,290.00 | |||||
| OIL | $100.49 | $101.26 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 79.81 | 79.71 | |||||
| OPEN | 79.74 | 79.63 | |||||
| US 10YR YIELD | 2.71% | 2.72% | |||||
