Today's
expected range for the Canadian Dollar against the US Dollar is 1.0180-1.0250
Today's
expected range for the Canadian Dollar against the Euro is 1.3380-1.3450
Today's
expected range for the Canadian Dollar against Sterling is 1.5620-1.5700
The
US Dollar is marginally weaker this morning as an overnight recovery in the
price of gold and other commodities have pushed EURO.USD back above the 1.3100
level. With the absolute crushing that gold received yesterday (worst one day
drop in the price since 1980) on rumors that the Bank of Cyprus and other
central banks were in the market selling gold and also poor growth data out of
China it was not surprising that investors would jump into the market this
morning and start buying commodities at such cheap levels this morning.
The
Canadian dollar is marginally stronger this morning on the higher prices for
commodities but it is not nearly as strong as the Aussie and New Zealand
dollars that seem to have much more volatile markets at the moment, the Loonie
seems content to stay in tight ranges as it looks for signs of any volatility.
Given the uncertainty and fear that seems to be gripping financial markets I
favour a move higher for USD.CAD in the short-term, but once again it will be a
slow grind higher, tomorrow’s Bank of Canada announcement on interest rate
policy will take on added significance given current market fears.
Up
today we get the release the US CPI inflation report for March and other secondary
data , we are also expecting some secondary data out of Canada but barring any
surprises currency markets for the most part will be watching the commodity
markets to see if things are stabilizing but they will also be watching the USA
domestic front to see if the Boston attack is part of a wider attack on the USA
or just an act of domestic terrorism.
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0221 | 1.0214 | |||||
| CAD/USD | 0.9784 | 0.9714 | |||||
| EUR/USD | 1.3105 | 1.3076 | |||||
| EUR/CAD | 1.3403 | 1.3357 | |||||
| STG/CAD | 1.3654 | 1.5656 | |||||
| AUD/CAD | 1.0606 | 1.063 | |||||
| CAD/JPY | 95.7 | 95.75 | |||||
| CAD/CHF | 0.9071 | 0.9093 | |||||
| CAD/HKD | 7.576 | 7.5788 | |||||
| CAD/CNY | 6.0465 | 6.0561 | |||||
| CAD/MXN | 11.9444 | 11.899 | |||||
| Commodities | |||||||
| Gold | $1,390.00 | $1,407.00 | |||||
| OIL | $88.43 | $88.69 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 82.49 | 82.22 | |||||
| OPEN | 82.27 | 82.39 | |||||
No comments:
Post a Comment