GFX Morning FX Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0720-1.0770

Today's expected range for the Canadian Dollar against the Euro is 1.4510-1.4560

Today's expected range foe the Canadian Dollar against Sterling is 1.8320-1.8370   

The US Dollar is unchanged from our close on Friday, the currency markets are for the most part ignoring the geo-political events that are unfolding in Ukraine and Gaza, equity markets on the other hand are quite nervous and looking very vulnerable. The only currency movement of note last night was the New Zealand Dollar which jumped against the Greenback, it is widely expected that the Reserve Bank of New Zealand will increase interest rates on Wednesday (NZ time) to 3.50% the first of major Western economies to do so.

A very quiet overnight session for the Canadian Dollar as USD.CAD is basically where we left it on Friday, even EURO.CAD and GBP.CAD are unchanged from Friday’s close.

Up this week the highlight of economic activity will be the release of the Bank of England policy minutes on Wednesday, currency traders will be looking for any hints of future interest rates hikes coming down the pipeline in the UK, the only Canadian data of note will be the Retail Sales report for May on Wednesday and in the US we get the inflation report on Tuesday. With nothing on the calendar today so unless we get some further concerning news out of Ukraine I would expect USD.CAD to remain in a muted trading range.

Have a great week

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0744			1.0746
CAD/USD		0.9307			0.9306
EUR/USD		1.352			1.352
EUR/CAD		1.4529			1.4531
STG/CAD		1.8355			1.8376
AUD/CAD		1.0077			1.0085
CAD/JPY		94.26			94.29
CAD/CHF		0.8357			0.8355
CAD/HKD		7.1926			7.1916
CAD/CNY		5.776			5.7759
CAD/MXN		12.0846			12.0895
Commodities
Gold		$1,315.00			$1,312.00
OIL		$102.96			$103.50
US DOLLAR INDEX
P.CLOSE		80.61			80.5
OPEN		80.56			80.53
US 10YR YIELD		2.48%			2.48%