GFX Morning FX Commentary Nove 6th, 2013

Good Morning,

Today's expected range for the US Dollar against the US Dollar is 1.0410-1.0470

Today's expected range for the Canadian Dollar against the Euro is 1.4100-1.4170

Today's expected ranges against Sterling is 1.6770-1.6850

The US Dollar is marginally weaker again this morning as once again Sterling was stronger, reaching a 5 week high against the Euro. This morning it was a better than expected manufacturing report combined with an increase in home prices that pushed the Pound higher. All this positive data of late should make for an interesting bank of England policy meeting tomorrow, I am sure they will not raise interest rates but the minutes of the meeting which will be released in two weeks may prove insightful.

The Euro is also stronger this morning on some positive economic data and  the consensus seems to be slipping away from an ECB interest rate cut tomorrow. In a survey of 70 economists Bloomberg reported that 67 of them do not think the ECB will cut interest rates tomorrow, the Euro was slowly able to pull back some of its losses with EURO.USD running back above 1.3500 and EURO.CAD pushing back above 1.4100.

No change for the Canadian Dollar last night which is a bit surprising as both the Aussie and Kiwi had big moves overnight, , we still trade in the middle of the 1.04 to 1.05 range with little signs of a breakout ahead of Fridays employment report.

Again today we have a light day of the economic Calendar with Building Permit data and the Ivey Purchasing managers index at 10:00 am. Once we hit tomorrow the calendar ramps up with the interest rate announcements  and the US GDP report, on Friday we get the Employment reports for both US and Canada so volatility should increase as the weeks goes on.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0444			1.0427
CAD/USD		0.9575			0.9587
EUR/USD		1.3512			1.3493
EUR/CAD		1.4115			1.4073
STG/CAD		1.681			1.6733
AUD/CAD		0.9949			0.9926
CAD/JPY		94.38			94.22
CAD/CHF		0.8725			0.8734
CAD/HKD		7.4148			7.4269
CAD/CNY		5.8312			5.8479
CAD/MXN		12.6021			12.5327
Commodities
Gold		$1,318.00			$1,312.00
OIL		$94.12			$84.27
US DOLLAR INDEX
P.CLOSE		80.8			80.66
OPEN		80.62			80.64
US 10YR YIELD		2.66%			2.62%