GFX Morning FX Commentary July 22nd 2013

Good Morning

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0310-1.0380

Today’s expected range for the Canadian Dollar against the Euro is 1.3600-1.3675

Today’s expected range for the Canadian Dollar against Sterling is 1.5830-1.5900

The US Dollar is marginally weaker to start the new trading week, the Euro rose to its highest level in more than a week as Portuguese President Silva indicated that his current government will resist pressure to resign over the financial crisis and will not call early elections. Sterling is also higher as Prime Minister David Cameron was quoted as saying an improving economy may all the government to reduce taxes, not sure if I believe that one. There was no indication that the pound got a boost from the Duchess of Cambridge heading to the hospital in the early stages of labour but I would expect the country to have a good feeling when the heir is announced.

We do have a slew of secondary economic data being released out of the US this morning including US housing data, the last rounds of US data have tended to disappoint so I will be interested to see if the housing market in the US is slowing. For the most part barring any data surprises we should see USD.CAD test below 1.0350 today, so far it has not been able to hold and attempts below that rate.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0344			1.038
CAD/USD		0.9667			0.9634
EUR/USD		1.3182			1.3111
EUR/CAD		1.3639			1.3611
STG/CAD		1.5856			1.5838
AUD/CAD		0.9528			0.9524
CAD/JPY		96.59			96.58
CAD/CHF		0.9066			0.9078
CAD/HKD		7.4957			7.4711
CAD/CNY		5.934			5.9119
Commodities
Gold		$1,315.71			$1,288.01
OIL		$108.62			$108.36
US DOLLAR INDEX
P.CLOSE		82.55			82.94
OPEN		82.41			82.86
US 10YR YIELD		2.47%			2.51%