GFX Morning FX Commentary

Good Morning,

Today's expected range for the Canadian Dollar against the US Dollar is 1.0850-1.0950

Today's expected range for the Canadian Dollar against the Euro is 1.4580-1.4650

Today's expected range for the Canadian Dollar against Sterling is 1.8180-1.8260

The US Dollar is marginally stronger this morning as it was led higher by a weaker Sterling. In the UK the Pound was lower even though 2nd Quarter GDP growth met the expectation of 0.8%, it certainly looks like all the Pound's strength earlier this year resulted from the expectation of interest rate hikes sooner than later. Now that the Bank of England has put the brakes on that idea Sterling is beginning to retreat, declining for the 6th straight week against the Greenback, we look for that trend to continue over the short-term.

USD.CAD is unchanged overnight as the market awaits the revised Canadian Employment report due this morning. I have widened out my expected range for the day as I really do not know what to expect this morning. Last week bank economists were expecting 20k new jobs to have been created, I guess that is still the benchmark for today's release. If the number is near or greater than expectation USD.CAD should drop and if it is a weak number we will push higher, Either way it should be an interesting morning.

In addition to the Canadian jobs report we get a slew of secondary US data which should bring some volatility to the market, make sure you have your orders in early as we are expecting a busy morning

I will send out a currency alert if we get a wild swing.

Have a great weekend

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0892			1.0893
CAD/USD		0.9181			0.918
EUR/USD		1.3373			1.3375
EUR/CAD		1.6687			1.4573
STG/CAD		1.8179			1.8175
AUD/CAD		1.0154			1.0144
CAD/JPY		94.14			94.01
CAD/CHF		0.8313			0.8315
CAD/HKD		7.0958			7.0934
CAD/CNY		5.6412			5.6487
CAD/MXN		12.0294			12.0524
Commodities
Gold		$1,314.00			$1,312.00
OIL		$95.55			$97.45
US DOLLAR INDEX
P.CLOSE		81.64			81.6
OPEN		81.55			81.54
US 10YR YIELD		2.39%			2.42%