GFX Morning FX Commentary, April 30, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is .9780 - .9850

Today’s suggested range for the Canadian dollar against the Euro is 1.2925 – 1.3025

Today’s suggested range for the Canadian dollar against Sterling is 1.5925 – 1.6025

The foreign exchange markets remain around recent ranges lacking any follow through.
n Europe better than expected German retail sales has helped the DAX eke out small gains
while the other European stock exchanges are lower. The other exchanges are being pressured by
16 Spanish banks rating downgrades by Standard & Poor’s this following last week’s sovereign rating downgrade by two notches from the same rating s agency.  The Euro is slightly weaker on the Spanish news and the British Pound has made gains through the EUR/GBP cross.

In North America the Dow futures are pointing slightly lower down by 11 in pre-market trading.

The Canadian dollar held firm from our close but was contained to extremely tight ranges ahead of
the Canadian GDP report out at 8:30am this morning. The market is expecting  Canadian GDP to grow
2.1% from the previous 1.7% y/y.  The week ahead will still focus on the corporate earnings with the U.S. employment report on Friday being the main emphasis. The economic data releases in the U.S. today includes personal income and spending followed later by Chicago purchasing managers index.

Have a great day!

Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		0.9817			0.9832
CAD/USD		1.0186			1.0171
EUR/USD		1.3218			1.3235
EUR/CAD		1.2979			1.3015
STG/CAD		1.5957			1.595
AUD/CAD		1.0239			1.0247
CAD/JPY		81.62			82
CAD/CHF		0.9252			0.9226
CAD/HKD		7.7584			7.8915
CAD/CNY		6.4218			6.4139
CAD/MXN		13.212			13.4028
Commodities
Gold		$1,663			$1,655
OIL		$104.18			$104.23
Option Volatility
Canada
O/N		9.22%			6.00%
1 Week		8.18%			8.25%
1 Month		7.87%			8.25%

GFX Morning FX Commentary, April 27, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is .9800 - .9875

Today’s suggested range for the Canadian dollar against the Euro is 1.2950 – 1.3050

Today’s suggested range for the Canadian dollar against Sterling is 1.5900 – 1.6025

A credit downgrade for Spain by two notches to BBB+ by Standard and Poor’s is pretty negative

news, and yet after a brief pullback in the single currency below 1.3200 it remains back above

and looks well supported. The market has to be extremely short in the Euro not to go lower,

and the other resilient currency is the British Pound which is making seven month highs after

reporting this week that they are technically in a recession.

The Canadian dollar is opening where we closed yesterday and is waiting for the U.S. GDP

report which is expected to show on an annualized basis 2.5% growth down from the previous 3%.

The Dow futures are holding steady ahead of the key U.S. GDP data at 8:30am followed later in the

morning by the Michigan confidence data. Bank of Canada’s Governor Carney is speaking in Ottawa

today before the release of the economic data in the U.S. so we may get some headline trading from

that.

Have a great weekend!

 

GFX Morning Currency Rates
Friday, April 27 2012
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		0.9832			0.9831
CAD/USD		1.0171			1.0172
EUR/USD		1.3235			1.3206
EUR/CAD		1.3015			1.2986
STG/CAD		1.595			1.5911
AUD/CAD		1.0247			1.0189
CAD/JPY		82			82.16
CAD/CHF		0.9226			0.9248
CAD/HKD		7.8915			7.8908
CAD/CNY		6.4139			6.4106
CAD/MXN		13.4028
Commodities
Gold		$1,655			$1,648
OIL		$104.23			$103.91
Option Volatility
Canada
O/N		6.00%			9.50%
1 Week		8.25%			8.50%
1 Month		8.25%			8.50%