Good Morning,
Today's expected range for the Canadian Dollar against the US Dollar is .9800-.9875
Today's expected range for the Canadian Dollar against the Euro is 1.2850-1.2975
Today's expected range for the Canadian Dollar agaisnt Sterling is 1.5840-1.5920
The US Dollar is marginally weaker this morning in very quiet FX markets. Overnight EURO.USD reached over the 1.3100 level as the EU Finance Ministers announced that they would be releasing more funds to Greece and also that they would be working on a single resolutiuon mechanism to help banks if the need arose in the future, this is to tie in with the new central regualtor for all EU banks. The strenght was quickly abated as the the PMI Servies report did not come in as expected. Generraly the latest Euro data has been more positive and with a weaker US Dollar trend emerging we may see the Euro gain some short term strength but with the problems that still exist I doubt that it can still be maintained over the long-term.
The Canadian Dollar traded in a very narrow range over night and is basically exactly where we left it yesterday, it contiues to look like the Loonie wants to get stronger but as I mentioned it will be a slow process. US Dollar sellers need to be ready to act on any short-term pullback when it happens.
Up today we get a slew of US data including the CPI report for November, as I mentioned yesterday with the Federal Reserve tying the interest rate to the Unemployment rate and the Inflation rate any inflation data will take on added significance, if we see any signs that inflation is starting to rise then we will get some enhanced volatility.
Have a great day
Mike
Mike
| GFX Morning Currency Rates | |||||||
| Friday December 14, 2012 | |||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 0.9845 | 0.9836 | |||||
| CAD/USD | 1.0155 | 1.0164 | |||||
| EUR/USD | 1.3086 | 1.3054 | |||||
| EUR/CAD | 1.2886 | 1.2841 | |||||
| STG/CAD | 1.5877 | 1.5858 | |||||
| AUD/CAD | 1.0363 | 1.037 | |||||
| CAD/JPY | 85.05 | 84.81 | |||||
| CAD/CHF | 0.9377 | 94.5 | |||||
| CAD/HKD | 7.8659 | 7.8747 | |||||
| CAD/CNY | 6.3424 | 6.3352 | |||||
| CAD/MXN | 13.0206 | 12.9679 | |||||
| Commodities | |||||||
| Gold | $1,698 | $1,683 | |||||
| OIL | $86.72 | $86.20 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 5.80% | 7.00% | |||||
| 1 Week | 5.10% | 5.15% | |||||
| 1 Month | 5.05% | 5.08% | |||||
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