GFX Afternoon Fx Commentary Nov 12th, 2013

Good afternoon,

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

USD.CAD 1.0488 up 0.11%

GBP.CAD 1.6687 down 0.37%

EUR.CAD 1.4104 up 0.43%

The CAD dollar remains unchanged after reaching its weakest level in more than two months as a result of stronger US dollar. On Friday, higher than expected job growth fueled speculation that the Federal Reserve will slow monetary stimulus sooner than previously thought,  this is expected to continue this week with better than expected US Productivity and GDP reports scheduled to be released.

Due to the short coverings we see bigger movement in the cross currencies as the EUR and GBP are both higher than the CAD since today’s opening. Friday will see the announcement of the Eurozone GDP figure which could result in some additional volatility for the euro.

The British pound has fallen against the euro for the third day in a row and also hit a two month low against the US dollar. The declines follow a government report showing that inflation has declined more than expected in October.

The overnight expected range for the Canadian dollar against the USD dollar 1.0447-1.0547

The overnight expected range for the Canadian dollar against the Euro is 1.4050-1.4150

The overnight expected range for the Canadian dollar against Sterling is 1.6661-1.6761

Have a great evening

Bethlehem
Bethlehem Belte
Currency Advisor