GFX AFTERNOON COMMENTARY

Good Afternoon,

Below are the current daily levels vs. the other major currencies.

USD.CAD 1.0492 up 0.29%

GBP.CAD 1.6805 down 0.22%

EUR.CAD 1.4019 down 0.14%

 

The American job number came in above expectation at 204,000 new jobs, versus the expected 120,000 jobs. The US unemployment rate rose to 7.3% from an almost 5- year low.  The increase in jobs suggests that the economy is strengthening more than previously anticipated and the chances of the Feds tapering their QE program may begin sooner than previously expected. The US dollar is strengthening against other major currencies after the announcement. 

The Canadian job figures came in around the expected amount at 13,200 new jobs and the Jobless rate remained the same at 6.9%.   Since the job figures met what was predicted and the US report came above expectation the Canadian dollar weakened by .32%, the Canadian dollar has lost .6% within the last week.

The Euro which was already weaker from yesterday’s ECB interest rate cut fell again this morning to trade lower, the US dollar rose .04 % against the EUR following the announcement today.

The overnight expected range for the Canadian dollar against the USD dollar 1.0441-1.0541

The overnight expected range for the Canadian dollar against the Euro is 1.3519-1.4069

The overnight expected range for the Canadian dollar against Sterling is 1.6755-1.6855

 

Thank you,

Bethlehem Belte| GFX Partners IncI Currency Advisor