GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0925-1.1000

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 is 1.8460-1.8530

The US Dollar is for the most part unchanged in quiet overnight markets as global currency traders get set for this morning's US Employment report. The Greenback was a little higher against the Japanese Yen as speculators were betting that the employment report would exceed expectation, in Europe the Euro-Zone unemployment rate held steady at 11.8% across the entire region but of course that does not tell the true story where in parts of the union unemployment runs well over 20%.

The Canadian Dollar had an uneventful night and remains right where we left it going home last night but it does continue to hold onto its strength from earlier in the week. I think today will be a volatile day for the Loonie with the US employment report bringing back some overall volatility into the currency market. A strong Jobs report should push USD.CAD higher and a weaker report just give the Loonie enough of  a push to get to 1.0925.

For the US report we are expecting some 210K new jobs to have been created in April and the unemployment rate to drop to 6.6% down for 6.7%. If you have not already done so make sure you get your orders in early as I think the market will be volatile.

Have a great weekend

Mike

GFX Morning Currency Rates
Friday May 02, 2014
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0961			1.0976
CAD/USD		0.9123			0.911
EUR/USD		1.386			1.3876
EUR/CAD		1.5195			1.5234
STG/CAD		1.8483			1.8559
AUD/CAD		1.0143			1.0181
CAD/JPY		93.49			93.09
CAD/CHF		0.8019			0.8002
CAD/HKD		7.0668			7.0574
CAD/CNY		5.7085			5.7
CAD/MXN		11.9306			11.9345
Commodities
Gold		$1,288.00			$1,286.00
OIL		$99.83			$99.25
US DOLLAR INDEX
P.CLOSE		79.53			79.52
OPEN		79.57			79.45
US 10YR YIELD		2.63%			2.66%