Today's expected range
for the Canadian Dollar against the US Dollar is 1.0900-1.0950
Today's expected range
for the Canadian Dollar against the Euro is 1.4570-1.4630
Today's expected range
for the Canadian Dollar against Sterling is 1.8250-1.8350
The US Dollar is
marginally stronger this morning as the Euro-Zone GDP report tomorrow is
expected to show a slowing economy alongside a declining inflation rate, not a
situation that will support a strengthening Euro. I would think that the EU
will be forced to introduce a massive stimulus package at some point. Sterling
is also weaker this morning as data out of the UK showed wages were not growing
fast enough to support a growing economy, higher interest in the UK are
probably not going to happen as early as some had forecast.
The Canadian Dollar
did not extend a run after Stats Canada voided last Friday's Employment due to
technical errors. The new report comes out this Friday and the question will
be, is it going to be better or worse than the 200 new jobs reported on Friday.
My guess (and it is only just that a guess) would be that they erred to the
downside and the number will be stronger, if I am right then Canada could have
a small rally, if I am wrong and it is a worse number than USD.CAD will jump
higher.
Up today we have the
US Retail Sales Report for July and we are expecting a 0.3% growth which would be
in line with recent growth. I would not expect this number to have a dramatic
effect on the currency market so look for USD.CAD to range trade ahead of
Friday’s revised Canadian Employment report.
Have a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0924 | 1.0944 | |||||
| CAD/USD | 0.9154 | 0.9137 | |||||
| EUR/USD | 1.3352 | 1.3338 | |||||
| EUR/CAD | 1.4588 | 1.4598 | |||||
| STG/CAD | 1.8264 | 1.837 | |||||
| AUD/CAD | 1.0152 | 1.0135 | |||||
| CAD/JPY | 93.76 | 93.46 | |||||
| CAD/CHF | 0.8315 | 0.8314 | |||||
| CAD/HKD | 7.0735 | 7.0608 | |||||
| CAD/CNY | 6.1542 | 5.6243 | |||||
| CAD/MXN | 12.038 | 12.0883 | |||||
| Commodities | |||||||
| Gold | $1,309.00 | $1,312.00 | |||||
| OIL | $97.38 | $97.25 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.51 | 81.45 | |||||
| OPEN | 81.63 | 81.66 | |||||
| US 10YR YIELD | 2.46% | 2.43% | |||||
No comments:
Post a Comment