GFX Morning Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1230-1.1300

Today’s expected range for the Canadian Dollar against the Euro is 1.4040-1.4100

Today’s expected range for the Canadian Dollar against Sterling is 1.7770-1.7850

The UIS Dollar is for the most part unchanged this morning, the big mover was Sterling that jumped against the Greenback as UK growth numbers came in a little bit better than expected, the market was expecting a decline in growth and it came in flat so I guess you can say that is a positive number but it is not a number that will give the Bank of England any confidence to raise interest rates. In Europe an ECB official stated that the Central Bank could consider quantative easing measures if historically low interest rates do not stimulate the economy, the Euro did not really react all the much on this statement as it was just stating the obvious. I read yesterday that Deutsche Bank in Germany is calling for a 1.1500 EURO.USD rate next year, the Euro should continue to trade with a weak bias.

The Canadian Dollar had another range trading night, I think it has been a few weeks now that we have been in this 1.1250 to 1.1350 trading range with no sign of it breaking out on either side. I read a Bloomberg article this morning that said any major cuts in oil production by OPEC is unlikely so the Loonie may not get a boost after Thursday’s meeting, if the price of a barrel of oil drops below $70 then we could see the Loonie lose more ground against the Greenback.

Up today we have a slew of US Data ahead of the Thanksgiving holiday tomorrow, we should have some volatility this morning and then the market will slow down as the US closes. Remember that the wire system is closed tomorrow so if you need to do something get your orders in today.

Have a great day and to all our American Readers a very safe and happy Thanksgiving holiday.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1271			1.1285
CAD/USD		0.8873			0.8861
EUR/USD		1.2453			1.2431
EUR/CAD		1.4037			1.4029
STG/CAD		1.7747			1.7671
AUD/CAD		0.9583			0.9633
CAD/JPY		104.64			104.59
CAD/CHF		0.8565			0.8568
CAD/HKD		6.858			6.852
CAD/CNY		5.4458			5.436
CAD/MXN		12.1812			12.1345
Commodities
Gold		$1,197.00			$1,200.00
OIL		$73.93			$76.09
US DOLLAR INDEX
P.CLOSE		87.91			88.1
OPEN		87.95			88.18
US 10YR YIELD		2.26%			2.29%