GFX Morning Commentary July 23rd, 2013

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0300-1.0375

Today’s expected range for the Canadian Dollar against the Euro is 1.3600-1.3680

Today’s expected range for the Canadian Dollar against Sterling is 1.5840-1.5920

The US Dollar is for the most part unchanged in a very quiet overnight trading market, Bloomberg is reporting that overall currency market volatility has dropped by 10% since Bernanke announced that the Fed would not be tapering their stimulus program any time soon. The only news of note overnight was the Chinese Premier stating that anything less than 7% growth for the Chinese economy will be unsustainable, giving investors an understanding that the Chinese would move to spur growth if it looked like growth rates in China were to fall below 7%. Stocks around the world seemed to like the announcement as most all indexes were higher.

The Canadian Dollar continues to slowly grind stronger at the moment but like other currencies is trading in very quiet markets, USD.CAD continues to try and break and hold below the 1.0350 level but is struggling at the moment. The Loonie market may get a spur from the Canadian Retail Sales report for May, we are expecting an increase of 0.5% which really should not get the currency market too excited, if we get a very poor number then we may see USD.CAD move back towards 1.0375 but in reality I am not expecting all that much.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0337			1.0344
CAD/USD		0.9674			0.9667
EUR/USD		1.3173			1.3182
EUR/CAD		1.3621			1.3639
STG/CAD		1.5861			1.5856
AUD/CAD		0.9548			0.9528
CAD/JPY		96.68			96.59
CAD/CHF		0.9082			0.9066
CAD/HKD		7.4806			7.4957
CAD/CNY		5.9376			5.934
Commodities
Gold		$1,328.40			$1,315.71
OIL		$106.16			$108.62
US DOLLAR INDEX
P.CLOSE		82.31			82.55
OPEN		82.43			82.41
US 10YR YIELD		2.51%			2.47%