GFX Morning Commentary May 21st, 2013

Good Morning,

Today’s suggested range for the Canadian dollar against the US Dollar is 1.0250 – 1.0300

Today’s suggested range for the Canadian dollar against the Euro is 1.3180 – 1.3250

Today’s suggested range for the Canadian dollar against Sterling is 1.5540 – 1.5610

The Canadian dollar was range bound in our absence yesterday which remains off its worst levels from Friday when USD/CAD breached 1.0300. The only Canadian economic release this week is tomorrow’s retail sales for March with expectations of a 0.2% rise. The currency is still undermined by the low inflation report from Friday with consumer prices rising a paltry 0.4% in the twelve months to April well below the Bank of Canada threshold of 1%-3% 

In Europe the British Pound fell to a six week low against the US Dollar following an inflation report that showed U.K. inflation slowed more than forecast, a similar reaction to Canada’s inflation report Friday. The European single currency is higher helped by a push higher in EUR/GBP cross activity.

In North America today the economic calendar is empty with focus turning to several Fed speakers commenting on the economy ahead of the Fed Chairman’s testimony to Congress tomorrow which will center on the economic progress or lack of as well as policy measures. The commodities have retraced slightly from strong gains yesterday in gold and oil. Dow futures are trading either side of the flat line awaiting Fed Chairman Bernanke’s testimony tomorrow.
For today's FX opening FX rates and other FX resources please visit our Blog.  

Have a great day!


GFX Morning Currency Rates      
Tuesday May 21, 2013      
Currencies 7:00am Today's Opening        Yesterday's Opening 
      
USD/CAD                  1.0272                                 1.0252 
CAD/USD                  0.9735                                 0.9742 
EUR/USD                  1.2864                                 1.2865 
EUR/CAD                 1.3217                                  1.3193 
STG/CAD                 1.5571                                 1.5628 
AUD/CAD                1.0039                                1.0005 
CAD/JPY                     99.87                               99.81 
CAD/CHF                     0.9432                              0.941 
CAD/HKD                    7.5336                              7.5503 
CAD/CNY                    5.9699                               5.9867 
CAD/MXN                 12.0056                             12.0165 
Commodities      
      
Gold                           $1,378.00                           $1,379.00  
OIL                                 $96.45                                $95.64  
      
US DOLLAR INDEX      
P.CLOSE                       83.91                                 83.9 
OPEN                            84.19                                 84.05