GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0860-1.0920

Today's expected range for the Canadian Dollar against the Euro is 1.4730-1.4790

Today's expected range for the Canadian Dollar against Sterling is 1.8260-1.8320

The US Dollar is mixed this morning as it is stronger against the Euro but weaker against the Canadian Dollar and the Pound. In the UK the resurgence of the British economy continues with the Government reporting that unemployment fell more than expected, the expectation continues to grow that the Bank of England will increase interest rates before any other Central Bank.

The Euro continues to trade weaker as it is now widely viewed that the European Central Bank will need to do more to stimulate the Euro-Zone economy.

The Canadian Dollar is again marginally stronger against the US Dollar as it continues to be quite resilient in very quiet trading markets. With the further weakness the Loonie continues to make headway against the Euro but with the strength in Sterling the Loonie is losing a little ground to the Pound.

I will keep an eye on the developing situation in Iraq at the moment, I think the occupation of Mosul will escalate to other area’s  and if it threatens Iraq's oil supply then we may see a reaction on the world's financial markets.

Nothing on the economic calendar today so look for more narrow trading ranges and we will see if the Loonie can extend some gains against the US Dollar.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0893			1.0912
CAD/USD		0.918			0.9164
EUR/USD		1.3528			1.3541
EUR/CAD		1.4738			1.4782
STG/CAD		1.8282			1.831
AUD/CAD		1.0233			1.0217
CAD/JPY		93.64			93.75
CAD/CHF		0.8262			0.8245
CAD/HKD		7.095			7.081
CAD/CNY		5.7149			5.7029
CAD/MXN		12.0013			11.9461
Commodities
Gold		$1,262.00			$1,253.00
OIL		$104.47			$104.77
US DOLLAR INDEX
P.CLOSE		80.8			80.64
OPEN		80.81			80.82
US 10YR YIELD		2.65%			2.61%