GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.0925-1.0975

Today’s expected range for the Canadian Dollar against the Euro is 1.4520-1.4870

Today’s expected range for the Canadian Dollar against Sterling is 1.8140-1.8190

The US Dollar is unchanged this morning as the currency markets await the speeches from Fed Chairperson Janet Yellen and ECB President Draghi to the Jackson Hole Financial Summit later this year. Jackson Hole is quite an important meeting as the world’s central bankers are all present and it is seen by the markets as an excellent opportunity to reiterate policy or to define new courses of action.

The Canadian Dollar recovered slightly yesterday but USD.CAD continues to range trade at the moment. We do get the release of the Canadian CPI report for July this morning and we are expecting a monthly inflation rate of 0.1% and the year-over-year rate to drop slightly to 2.3%, US Dollar buyers will be hoping for a slightly higher number as it will push USD.CAD lower but only a huge number will make a significant difference today. Unlike Employment reports, inflation reports tend not to stray too far from expectation so I would not expect a big move after the report.

Have a great weekend.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.0957			1.0973
CAD/USD		0.9126			0.9113
EUR/USD		1.326			1.3263
EUR/CAD		1.454			1.4552
STG/CAD		1.8156			1.8198
AUD/CAD		1.0204			1.0185
CAD/JPY		94.62			94.58
CAD/CHF		0.8318			0.8318
CAD/HKD		7.0523			7.0441
CAD/CNY		5.6139			5.6049
CAD/MXN		11.9775			11.9559
Commodities
Gold		$1,282.00			$1,283.00
OIL		$93.61			$92.78
US DOLLAR INDEX
P.CLOSE		82.15			82.27
OPEN		82.19			82.23
US 10YR YIELD		2.38%			2.44%