Good Morning,
Today’s suggested range for
the Canadian dollar against the US dollar is 1.0940 – 1.0990
Today’s suggested range for
the Canadian dollar against the Euro is 1.5000 – 1.5100
Today’s suggested range for
the Canadian dollar against Sterling is 1.5250 – 1.8350
The Bank of Japan maintained
its stimulus program but extended special loan facilities overnight to help
economic growth which disappointed on Monday following worse than expected
Japanese GDP figures. The move by the BOJ immediately hit the Japanese Yen
which in turn helped bolster the Nikkei rising 3.1%.
In Europe the British Pound
gave up some gains following a slightly softer inflation figure with CPI up
1.9% which was below the consensus of 2.0%. The Euro despite a lower Euro zone
economic sentiment survey and a lower reading in the German ZEW sentiment
survey managed to edge higher against the greenback and the British
Pound. A lot the of recent movement in the Euro has been dictated by the
EUR/GBP cross activity.
The Canadian dollar is
slightly firmer from our closing level on Friday and appears to be range
trading against its U.S. counterpart. This week the focus for the Canadian
dollar will be the inflation data (CPI) which is being released on Friday and
is the one economic indicator that will influence the Bank of Canada interest
rate policy more than any. Today we have Canadian international investment
flows due out along with existing home sales. In the U.S. we have foreign
investment flows and Empire manufacturing for February. Dow futures are
pointing slightly higher with oil firmer and gold unchanged.
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