GFX Morning FX Commentary, May 22, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is 1.0130 – 1.0200

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 1.6000 – 1.6100

Welcome back from the holiday weekend. Looking at the currency markets the commodity based currencies are slightly stronger with a strong showing yesterday in the equity markets from the Dow posting triple digit gains. The British Pound is weaker following inflation data that was slightly below expectations. Also weighing on the Sterling was comments from the IMF suggesting Britain could do more to drive their economy. The Euro is hovering at the low end of its overnight range with the EU Summit in Brussels set for Wednesday. The economic calendar for North America today is all contained south of the border with existing home sales for April and the Richmond Fed Manufacturing index for May due out.

The Dow futures are pointing slightly above the flat line which is positive given the strong performance yesterday, which was primarily driven by China pledging to keep the domestic economy growing. Both oil and gold are marginally weaker on lingering concerns about the Euro zone crisis.

Have a great day!

GFX Morning Currency Rates
Tuesday, May 22 2012
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0182			1.0175
CAD/USD		0.9821			0.9828
EUR/USD		1.2751			1.2692
EUR/CAD		1.299			1.2915
STG/CAD		1.6056			1.6065
AUD/CAD		1.0059			1.0037
CAD/JPY		78.28			77.89
CAD/CHF		0.9242			0.9297
CAD/HKD		7.6282			7.6307
CAD/CNY		6.2062			6.209
CAD/MXN		13.4751
Commodities
Gold		$1,578			$1,591
OIL		$92.20			$92.67
Option Volatility
Canada
O/N		14.67%			12.19%
1 Week		10.51%			11.60%
1 Month		10.93%			11.46%