GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1330-1.1430

Today’s expected range for the Canadian Dollar against the Euro is 1.4150-1.4220

Today’s expected range for the Canadian Dollar against Sterling is 1.7800-1.7880

The US Dollar is marginally stronger this  morning as the currency markets get set up for the release of the US Retail Sales report for October. Overnight the Japanese Yen was again the big mover as the market in Japan continues to react to the rumours that the Government will suspend their plan to put a sales tax in place. The Swiss Franc is also starting to garner some interest again, long time readers will remember that a few years ago the Swiss  National bank announced that if the Swiss Franc dropped to 1.2000 against the Euro that they would intervene in the currency markets to stop the Franc from appreciating. Currently EURO.CHF is trading at 1.2015 which is the lowest it has been in a long while, it will be interesting to see if the currency market tests the resolve of the Swiss Central Bank.

The Russian Ruble took another tumble last night as Western sanctions  and the war in Ukraine continue to weigh on that economy pushing it to the brink or Recession.

The Canadian Dollar has a back and forth night against the US Dollar trading a bit weaker before recovering to the same levels we left it last night. I have increased my expected range for today as I think we will get some enhanced volatility from the US Retail Sales report this morning.

For the October US report we are expecting an increase of 0.2% following the 0.3% decline in September, a strong report should push USD.CAD higher back above 1.1400 level. In addition to the Retail Sales report we also get other US secondary data and the Canadian Wholesale trade report so make sure you have your orders in early, we could have a busy morning.

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1357			1.1308
CAD/USD		0.8805			0.8843
EUR/USD		1.2444			1.2463
EUR/CAD		1.4137			1.4095
STG/CAD		1.7785			1.782
AUD/CAD		0.9873			0.9887
CAD/JPY		102.48			102.25
CAD/CHF		0.8495			0.8523
CAD/HKD		6.8037			6.836
CAD/CNY		5.3961			5.4137
CAD/MXN		12.0165			12.0118
Commodities
Gold		$1,151.00			$1,161.00
OIL		$74.33			$76.72
US DOLLAR INDEX
P.CLOSE		87.74			87.81
OPEN		87.94			87.68
US 10YR YIELD		2.35%			2.37%