Today’s
expected range for the Canadian Dollar against the US Dollar .9930-1.0000
Today’s expected range for the Canadian Dollar against the Euro is 1.2825-1.2900
Today’s
expected range for the Canadian Dollar against Sterling is 1.6030-1.6125
The
US Dollar is stronger this morning as recent earnings reports from major US
companies have spooked the equity markets and given strength to the US Dollar
on the safe haven effect. Yesterday afternoon after the markets closed it was Apple that missed their earnings target
and as a result the Dow Jones is pointing down 100 points on the opening this
morning. Also giving some strength to the Greenback and hurting the Euro was a poor French household sentiment report
and the Spanish unemployment report that showed one in four Spaniards are now
unemployed, I fail to see how an economy as big as Spain’s can recover from
this massive unemployment when it is forced to shut down spending to reign in a
massive budget deficit. I am sure it is only a matter of time before Spain asks
for the full bailout package from the Troika.
The
Canadian Dollar is as you would expect trading weaker with USD.CAD poised to
break above .9950 again this morning, once again the Loonie is just following
the crowd and USD.CAD is trading on the back of global factors. Today’s trading
will be dominated by the release of the US GDP report for 3rd
quarter which is expected to show an annualized growth rate of 1.8% up from the
previous growth rate in the 2nd quarter of 1.3%. Not a spectacular number
but it will continue a long string of positive US economic reports that we have
been seeing recently. A stronger than expected number should help the equities
pair their losses and push USD.CAD lower and if the number is poorer than
expected USD.CAD should jump higher on weaker equity markets.
Have
a great weekend
Mike
GFX
Morning Currency Rates
Friday October 26, 2012 |
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9969 | 0.9904 | |||||
| CAD/USD | 1.0031 | 1.0096 | |||||
| EUR/USD | 1.2893 | 1.2995 | |||||
| EUR/CAD | 1.2854 | 1.2873 | |||||
| STG/CAD | 1.6055 | 1.5976 | |||||
| AUD/CAD | 1.0292 | 1.0288 | |||||
| CAD/JPY | 79.99 | 80.84 | |||||
| CAD/CHF | 0.9403 | 0.9391 | |||||
| CAD/HKD | 7.7514 | 7.8016 | |||||
| CAD/CNY | 6.2656 | 6.2926 | |||||
| CAD/MXN | 13.1383 | 13.0728 | |||||
| Commodities | |||||||
| Gold | $86 | $1,715 | |||||
| OIL | $86.25 | ||||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 7.03% | 9.28% | |||||
| 1 Week | 7.70% | 7.04% | |||||
| 1 Month | 6.97% | 7.00% | |||||
No comments:
Post a Comment