Today’s
Expected range for the Canadian Dollar against US Dollar is .9750-.9850
Today's
expected range for the Canadian Dollar against the Euro is 1.2475-1.2575
Today's
expected range for the Canadian Dollar against Sterling is 1.5600-1.5700
The
US Dollar is marginally stronger this morning as equity markets are weaker and the Euro is
pulling back from its overnight high of 1.2800 against the US Dollar. Last
night the Chinese economy reported weaker than expected exports and lower
industrial production, this morning the Greek coalition Government could not
agree on the next round of budget cuts to keep the loans coming and finally on
Wednesday we get the German High Court ruling on whether the German Government
is allowed to lend funds to the ESF/EU rescue funds. I think currency traders
saw all of this negativity and stopped the run the Euro had been enjoying.
Friday's
weaker than expected jobs US jobs number should give the US Federal Reserve
room for another round of Quantative easing on Thursday which should be
positive for equity markets and negative for the US Dollar. I think the Fed
would prefer to wait another month but with the US Presidential election in
early November I think this is the last chance until after the election to jumpstart
the economy.
The
Canadian dollar continues to hold onto its strength and now looks set to test
the .9750 level, given that most commodity markets are lower and the US Dollar
is a bit stronger this morning against the Euro, the Loonie is doing remarkably
well. With no major North American news due out today I would not expect a big
trading range for the Loonie today but with equity market pointing lower we should
see USD.CAD trade back towards .9800 to start the day.
Have
a great day
Mike
GFX
Morning Currency Rates
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Monday Spetember 10,
2012
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| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9765 | 0.9812 | |||||
| CAD/USD | 1.0241 | 1.0188 | |||||
| EUR/USD | 1.2784 | 1.2685 | |||||
| EUR/CAD | 1.2485 | 1.2446 | |||||
| STG/CAD | 1.5621 | 1.5636 | |||||
| AUD/CAD | 1.0106 | 1.0144 | |||||
| CAD/JPY | 80.14 | 80.45 | |||||
| CAD/CHF | 0.9676 | 0.9751 | |||||
| CAD/HKD | 7.92 | 7.8817 | |||||
| CAD/CNY | 6.4887 | 6.462 | |||||
| CAD/MXN | 13.2813 | 13.2327 | |||||
| Commodities | |||||||
| Gold | $1,735 | $1,697 | |||||
| OIL | $96.39 | $95.72 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 7.05% | 5.67% | |||||
| 1 Week | 6.89% | 6.65% | |||||
| 1 Month | 6.43% | 6.21% | |||||
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