GFX Morning Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0640-1.0690

Today's expected range for the Canadian Dollar against the Euro is 1.4500-1.4550

Today's expected range for the Canadian Dollar against Sterling is 1.8240-1.8290

The US Dollar is ‎ marginally weaker this morning in narrow trading ranges, I don’t think that anyone showed up for work today in Germany as they all must have had a hangover. The big mover overnight was the New Zealand Dollar as it was once again stronger and is approaching a record high against the US Dollar. In other news the Chinese Yuan hit a three-month high against the Greenback as economic talks with the Americans get underway, you can bet that the US will be pushing China for a better access to Chinese markets and a free floating currency rate (very unlikely). China reported this morning their largest trade surplus since 2009 so the US does have a case with its complaints.

Nothing new to report on the Canadian Dollar front, the rate is stuck in a narrow range and can't seem to breakout on either side at the moment. Perhaps Friday's Employment report will get the Canadian market moving.

Up today we should have a another quiet day with just the Canadian housing starts out this morning and the release of the Federal Reserve meeting minutes this afternoon, unless they hold a complete surprise I don’t think we will see much reaction.  

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.067			1.0682
CAD/USD		0.9372			0.9361
EUR/USD		1.361			1.359
EUR/CAD		1.4524			1.452
STG/CAD		1.8261			1.8285
AUD/CAD		1.0033			1.0037
CAD/JPY		95.23			95.19
CAD/CHF		0.8365			0.8368
CAD/HKD		7.2421			7.233
CAD/CNY		5.807			5.8027
CAD/MXN		12.2015			12.1842
Commodities
Gold		$1,325.00			$1,320.00
OIL		$103.39			$103.33
US DOLLAR INDEX
P.CLOSE		80.18			80.22
OPEN		80.18			80.29
US 10YR YIELD		2.56%			2.59%