GFX Mornign FX Commentary April 25th, 2013

Good Morning,

 

Today's expected range for the Canadian Dollar against the US Dollar is 1.0190-1.0270

Today's expected range for the Canadian Dollar against the Euro is 1.3350-1.3430

Today's expected range for the Canadian Dollar against Sterling is 1.5760-1.5850

The US Dollar is marginally weaker this morning after strong growth results out of the UK have pushed the Greenback lower.

In the UK, the Bureau of Statistics announced that the economy grew by 0.3% last quarter, this was after economists were calling for a drop of 0.3% which would have put the UK into their 3rd Recession since 2008 (good to see that UK economists are just as good as Canadian economists at predicting economic statistics). On this report Sterling jumped the highest of any currency last night with GBP.USD trading as high as 1.5450 (almost 200 points higher than our Toronto close yesterday), let's hope this report can start a positive string of good news for the UK.

The Canadian dollar was able to pick up some strength last night on the back of the weaker US Dollar, USD.CAD did set a new low for the week but that is not saying a lot, we are still looking at narrow trading ranges. With no economic releases out today I would not expect that we will see much of a trading range, USD.CAD may have some momentum to trade towards 1.0200 this morning.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0228			1.0255
CAD/USD		0.9777			0.9751
EUR/USD		1.3066			1.3012
EUR/CAD		1.3367			1.3346
STG/CAD		1.5789			1.5675
AUD/CAD		1.0556			1.0542
CAD/JPY		96.81			97.11
CAD/CHF		0.922			0.9218
CAD/HKD		7.5688			7.5501
CAD/CNY		6.03			6.0215
CAD/MXN		11.8847			11.9438
Commodities
Gold		$1,448.00			$1,420.00
OIL		$91.84			$89.81
US DOLLAR INDEX
P.CLOSE		83.06			83.15
OPEN		82.61			83.07