GFX Morning FX Commentary Sept 24th, 2012

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is .9775 - .9850

Today’s suggested range for the Canadian dollar against the Euro is 1.2620 – 1.2720

Today’s suggested range for the Canadian dollar against Sterling is 1.5850 – 1.5950

The markets to  begin the week are in risk aversion mode with  growth concerns paramount.

German business sentiment dropped overnight , the Munich based Ifo institute  showed the
Business climate index fell to 101.40 in September down from expectations of 102.30.
The European single currency was hardest hit as recent positive sentiment from the bold bond
buying plan of the ECB is losing its luster. Important growth data in the form of GDP will be released
later this week in the U.K., U.S. and Canada and will be closely watched for further economic deterioration.
The commodity based currencies are under pressure with both oil and gold lower. The Canadian dollar
is revisiting last week lows with investors unwinding some long positions. The recent inflation data released
last Friday showed a much slower pace than anticipated is also helping to undermine the currency.
Today’s economic calendar releases are all out of the U.S. with the Chicago Fed Nat Activity Index
followed later by the Dallas Fed Manufacturing Index. The Dow futures are pointing to a lower opening down 56 in pre-market trading.
 

Have a great day!

Mike
 

GFX Morning Currency Rates
Monday September 24, 2012
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		0.9809			0.9735
CAD/USD		1.0195			1.0272
EUR/USD		1.2907			1.3014
EUR/CAD		1.2662			1.2666
STG/CAD		1.5901			1.5842
AUD/CAD		1.0173			1.0199
CAD/JPY		79.52			80.29
CAD/CHF		0.9544			0.955
CAD/HKD		7.8804			7.9432
CAD/CNY		6.4245			6.4749
CAD/MXN		13.1891			13.177
Commodities
Gold		$1,760			$1,776
OIL		$91.62			$93.07
Option Volatility
Canada
O/N		9.89%			8.70%
1 Week		7.13%			7.23%
1 Month		6.63%			6.68%

 

 

 

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