GFX Morning FX Commentary

Good Morning,

Today’s expected range for the Canadian Dollar against the US Dollar is 1.1250-1.1300

Today’s expected range for the Canadian Dollar against the Euro is 1.4050-1.4100

Today’s expected range for the Canadian Dollar against Sterling is 1.7750-1.7800

My apologies for the late arrival of the commentary the past couple of days, we are having some issues with the email server I use.

The US Dollar is marginally stronger this morning in very subdued market trading as the US is closed for the Thanksgiving holiday. The only news of note overnight was that in the face of a report that showed industrial company profits fell the most in two years China has taken further steps to loosen monetary policy to try and keep their growth levels at very high rates. In Germany the Euro received some good news as the German unemployment rate fell pushing to  a record low rate of 6.6% which is near full employment, now if only the rest of Europe could get close to that number.

Nothing of note for the Canadian Dollar last night, it continue to range trade in the 1.1250 to 1.1350 range, it was a little weaker last night with the overall stronger Greenback but nothing of significance.  With no Canadian data today and the US market closed the only wild card for the currency markets is today’s OPEC meeting and all signs are pointing to no drop in oil production which should lead to a further decline in the price of oil and a subsequent drop in all commodity currencies.

Have a great day

Mike

GFX Morning Currency Rates
Currencies	7:00am Today's Opening				Yesterday's Opening
USD/CAD		1.1251			1.1271
CAD/USD		0.8888			0.8873
EUR/USD		1.2482			1.2453
EUR/CAD		1.4048			1.4037
STG/CAD		1.7742			1.7747
AUD/CAD		0.9145			0.9583
CAD/JPY		104.34			104.64
CAD/CHF		0.8554			0.8565
CAD/HKD		6.8682			6.858
CAD/CNY		5.4541			5.4458
CAD/MXN		12.2051			12.1812
Commodities
Gold		$1,196.00			$1,197.00
OIL		$72.16			$73.93
US DOLLAR INDEX
P.CLOSE		87.64			87.91
OPEN		87.79			87.95
US 10YR YIELD		2.24%			2.26%