Today’s
suggested range for the Canadian Dollar against the US Dollar is .9850 – 1.0000
Today’s
suggested range for the Canadian Dollar against the Euro is 1.3080-1.3200
Today’s
suggested range for the Canadian Dollar against Sterling is 1.5650-1.5800
The US Dollar is marginally stronger this morning as
the planned private Greek Bond Swap reached the critical 75% voluntary level
that allowed the Greek Government to force through the rest of the
participation, EU Finance ministers are this morning having a meeting to decide
if they will release some 130 Billion Euro in financing to Greece, I think it
would be a shock to the markets if they did not go through with it.
Today's currency markets will now turn their attention
to the US employment report for February where we are expecting another 210k
new jobs to have been created (last was up 243K) and an unemployment rate of
8.3% , if the number comes in as expected further evidence of a modest US
recovery.
The Canadian Dollar was marginally weaker overnight as
the market awaited the results of Canada's February's employment report. The
numbers are now in and they are not very encouraging, the expectation was for
the creation of 14K new jobs but the economy actually lost 2.8K jobs, the breakdown
was full-time up 9.1K and part-time down 12k, on a brighter note the
unemployment rate fell to 7.4% from 7.6% last month which is of course due to
people no longer looking for work. Clearly the Canadian economy is stalling out
and to date the modest US recovery is having no impact on the Canadian economy.
USD.CAD had a muted reaction to the news and still trades above .9900 in a
tight range as it awaits the US jobs report.
If anyone from stats Canada is reading this commentary
could you please let me know how you figure out how people who are no longer
looking for work anymore register with you. Do they walk into an EI office and
fill in a form that says if you have any jobs please don't call me as I am no
longer looking, do the call their MP and say don't worry about me I am ok? I
have been in the financial markets for over 30 years and this is one statistic
that I just can't understand. If you are unemployed you should be counted as
such, I would bet the true unemployment rate in this country is close to 10%
but of course that does not make good
politics.
To all the lucky readers leaving on March break have a
great and safe holiday, if you are travelling on Air Canada you may be enjoying
an extended holiday but that is ok, just call the boss and tell him or her that
it is not your fault and you are doing everything possible to get home
(wink,wink)
To everyone staying home have a great weekend
Mike
on line site at www.gfxpartners.ca *
GFX FOREIGN EXCHANGE MORNING UPDATE
Friday, March-09-12
Market Indicators * For current market prices please contact our currency advisors or visit
ouron line site at www.gfxpartners.ca *
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9925 | 0.9954 | |||||
| CAD/USD | 1.0075 | 1.0046 | |||||
| EUR/USD | 1.3217 | 1.324 | |||||
| EUR/CAD | 1.3121 | 1.3184 | |||||
| STG/CAD | 1.567 | 1.573 | |||||
| AUD/CAD | 1.054 | 1.0609 | |||||
| CAD/JPY | 82.39 | 81.96 | |||||
| CAD/CHF | 0.9182 | 0.914 | |||||
| CAD/HKD | 7.8146 | 7.7577 | |||||
| CAD/CNY | 7.8146 | 6.3414 | |||||
| Commodities | |||||||
| Gold | $1,700 | $1,702 | |||||
| OIL | $106.78 | $106.97 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 7.78% | 12.87% | |||||
| 1 Week | 9.52% | 9.93% | |||||
| 1 Month | 8.91% | 9.14% | |||||
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