GFX Morning Commentary Dec 5th, 2013

Good Morning,   Today’s suggested range for the Canadian dollar against the US Dollar is 1.0630 – 1.0690.   Today’s suggested range for the Canadian dollar against the Euro is 1.4425 – 1.4525   Today’s suggested range for the Canadian dollar against Sterling is 1.7360 – 1.7460      The Japanese Yen strengthened for a third consecutive day as stocks are under pressure and volatility is on the rise. The Nikkei fell again  down 1.5% as U.S. Treasury yields climb higher following the much stronger than expected U.S. private jobs report   yesterday showing the recent shut down in Washington had no effect on the job market.   The British Pound was trading weaker ahead of the Bank of England interest rate announcement. The BOE left the interest rate unchanged at 0.5% and kept the Asset Purchase Facility steady at 375b pounds as expected. The reaction in the British Pound was muted with the focus now turning to the ECB. The European Central Bank is expected to hold interest rates at 0.25% with the statement to follow at 8:30am which will probably highlight the divergences between the economies in the Euro zone.   The Canadian dollar was confined to narrow ranges overnight and looks to be pausing after a heavy bout of selling pressure yesterday post The Bank of Canada policy statement. The BOC made no bias statement on future direction of interest rates but showed concern about the weak inflation. The fact that inflation is so far below the BOC’s radar screen is a sign interest rates will remain low for an extended period of time. The economic calendar in North America opens with Canadian building permits for October along with U.S. GDP with the annualized figure expected to rise 3.1% up from the previous month of 2.8% both due out at 8:30am. The next round of economic releases are due out at 10:am with CAD Ivey Purchasing Managers Index and U.S. factory orders. The Dow futures are pointing lower by 10 with gold backing off and oil edging higher. For today's FX opening FX rates and other FX resources please visit our Blog.      Have a great day!     GFX Morning Currency Rates Thursday December 05, 2013 Currencies 7:00am Today's Opening  Yesterday's Opening USD/CAD 1.0668 1.0663 CAD/USD 0.9374 0.9378 EUR/USD 1.3589 1.3591 EUR/CAD 1.4501 1.4494 STG/CAD 1.7443 1.7453 AUD/CAD 0.9628 0.9621 CAD/JPY 95.63 96.09 CAD/CHF 0.8453 0.8461 CAD/HKD 7.2616 7.2655 CAD/CNY 5.7081 5.71 CAD/MXN 12.2595 12.3271 Commodities Gold $1,234.00 $1,213.00 OIL $97.80 $97.29 US DOLLAR INDEX P.CLOSE 80.62 80.63 OPEN 80.63 80.68 US 10YR YIELD 2.82% 2.80%