Today's
expected range for the Canadian Dollar against the US Dollar is 1.0280-1.0350
Today's
expected range for the Canadian Dollar against the Euro is 1.3700-1.3775
Today's
expected range for the Canadian Dollar against Sterling is 1.5920-1.6020
The
US Dollar is marginally stronger this morning as overnight currency markets
were once again dominated by the Japanese Yen. This morning a drop in machinery
orders led to further action by the Prime Minister to announce that they are
considering a corporate tax cut to try and stimulate the economy, a move which
would create a bigger deficit for the country. Clearly stimulus measures to
date are not having the desired effect on the Japanese economy, look for Yen
moves to continue to dictate moves in the broader currency markets for some time
yet.
In
Europe the Euro continues to trade within tight ranges, this morning the German
economy again reported better than expected numbers with the ZEW investor
confidence report showing better than
expected numbers. All of these reports out of Germany take on added significance
as the German elections are slated for September 22nd and if Merkel
was to lose that election then I think you will see the Euro get hit hard. I
have not seen any polls published as of yet but it is something to keep in
mind.
The
Canadian Dollar continues to give up some strength against the US Dollar as the
poor economic numbers out of Canada continue to weigh on the Canadian Dollar.
The Loonie may lose further ground today as the US Retail Sales report is
expected to show an improving economic picture south of the border, it looks at
the moment that the two economies are going in separate directions. If you are
a US Dollar buyer over the short-term you will want to consider doing some
forwards at these levels as protection against a move higher for USD.CAD
Have
a great day
Mike
GFX
Morning Currency Rates
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0318 | 1.0306 | |||||
| CAD/USD | 0.9642 | 0.9703 | |||||
| EUR/USD | 1.3293 | 1.3295 | |||||
| EUR/CAD | 1.3718 | 1.3704 | |||||
| STG/CAD | 1.5943 | 1.5955 | |||||
| AUD/CAD | 0.9426 | 0.9439 | |||||
| CAD/JPY | 95.01 | 93.81 | |||||
| CAD/CHF | 0.9003 | 0.8992 | |||||
| CAD/HKD | 7.4953 | 7.5053 | |||||
| CAD/CNY | 5.937 | 5.9369 | |||||
| CAD/MXN | 12.3175 | 12.2747 | |||||
| Commodities | |||||||
| Gold | $1,327.00 | $1,325.00 | |||||
| OIL | $106.47 | $106.24 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 81.42 | 81.17 | |||||
| OPEN | 81.61 | 81.43 | |||||
| US 10YR YIELD | 2.64% | 2.58% | |||||
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