Today's expected range
for the Canadian Dollar against the US Dollar is 1.0880-1.0950
Today's expected range
for the Canadian Dollar against the Euro is 1.4860-1.4920
Today's expected range
for the Canadian Dollar against Sterling is 1.8300-1.8360
The US Dollar is
stronger this morning as it is benefiting from a jump over the past couple of
days in US 10-year bond yields. On the bond markets the 10-year yield has
jumped from 2.46% to trade at 2.59% yesterday, this jump is attracting offshore
money into the United States and pushing the Dollar higher.
In Europe the
Euro-Zone 1st Quarter GDP came in with a growth rate of 0.2% dropping from the
0.3% in the last quarter of 2013. It is very clear right now that the ECB will
need to really provide massive amounts of stimulus to the EU economy, the big
danger is the ECB will disappoint tomorrow and not do enough in the eyes of
global investors. In my view Europe is in dire straits and it is all now up to
the ECB to sort it out.
The Canadian Dollar
which had a strong month in May now is bearing the brunt of the recent US
Dollar strength as it continues to get a little weaker every night against the
Greenback. I am always amazed that when the Loonie weakens it is always drops
quickly but when it garners any strength it is usually a slow grind.
Trading today of
course will be dominated by the Bank of Canada interest rate announcement, we
are not expecting any changes to the interest rate policy but I won't be
surprised if there are some cautionary words in the statement about a slowing
economy. I will send out a currency alert shortly after the announcement but I favour
a weaker Canadian Dollar after the announcement.
Have a great day
Mike| GFX Morning Currency Rates | |||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0928 | 1.0913 | |||||
| CAD/USD | 0.915 | 0.9163 | |||||
| EUR/USD | 1.3611 | 1.3607 | |||||
| EUR/CAD | 1.4874 | 1.4832 | |||||
| STG/CAD | 1.8281 | 1.8289 | |||||
| AUD/CAD | 1.013 | 1.0114 | |||||
| CAD/JPY | 93.95 | 93.82 | |||||
| CAD/CHF | 0.8204 | 0.8224 | |||||
| CAD/HKD | 7.0744 | 7.1237 | |||||
| CAD/CNY | 5.7165 | 5.7295 | |||||
| CAD/MXN | 11.8595 | 11.8653 | |||||
| Commodities | |||||||
| Gold | $1,245.00 | $1,246.00 | |||||
| OIL | $103.33 | $102.29 | |||||
| US DOLLAR INDEX | |||||||
| P.CLOSE | 80.55 | 80.65 | |||||
| OPEN | 80.62 | 80.6 | |||||
| US 10YR YIELD | 2.58% | 2.56% | |||||
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