GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0880-1.0940

Today's expected range for the Canadian Dollar against the Euro is 1.4850-1.4920

Today's expected range for the Canadian Dollar against Sterling is 1.8260-1.8330

The US Dollar is marginally weaker this morning as both the Euro and Sterling are a little higher. In Europe the Euro is stronger as inflation data showed that inflation is falling faster than expected and in the UK the Pound is higher as a UK house price report came in much better than expected. Once again we see the divergence in the two economies.

In the first round this week of Central Bank interest rate announcements the Reserve Bank of Australia left its key interest rate unchanged and did not reference the Australian Dollar in its statement. Tomorrow we have the Bank of Canada and follow that up on Thursday with the Bank of England and the European Central Bank.

The Canadian Dollar continues to slowly weaken off as it could not maintain its momentum from last week, not only is it losing ground against the Greenback but also against the Euro and Sterling. The weaker than expected Canadian manufacturing number yesterday has contributed to the negative sentiment surrounding the Loonie at the moment.

Up today we have some secondary US data but for the most part it should be a quiet day, I look for USD.CAD to test a bit higher as the shine seems to coming of the Loonie at the moment.
 

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0913			1.0854
CAD/USD		0.9163			0.9213
EUR/USD		1.3607			1.3605
EUR/CAD		1.4832			1.477
STG/CAD		1.8289			1.8192
AUD/CAD		1.0114			1.0049
CAD/JPY		93.82			93.93
CAD/CHF		0.8224			0.8267
CAD/HKD		7.1237			7.1213
CAD/CNY		5.7295			5.7533
CAD/MXN		11.8653			11.8691
Commodities
Gold		$1,246.00			$1,246.00
OIL		$102.29			$103.00
US DOLLAR INDEX
P.CLOSE		80.65			80.43
OPEN		80.6			80.52
US 10YR YIELD		2.56%			2.49%