CAD Falls on G7 Headlines

Monday, June 11, 2018

 

The CAD is weak reacting to the G7 headlines from the weekend and staying correlated to oil and other commodities. No news to report on today and this week is very quiet for fundamentals out of Canada. The next release comes in Thursday’s NHPI numbers.

 
The USD is firm and holding its own against most of the G10 currencies ahead of Trump’s meeting with Kim and Wednesday’s Fed meeting. News today is limited to second-tier 10-y Bond Auction data later on the afternoon. Another rate hike is expected on Wednesday holding a rate hike of 2.25% by the end of the year.

 
The EUR is trading just below its overnight high. Focus remains on Thursday’s ECB meeting where a cautious step towards normalization is expected. Market reaction to any discussion of tapering should be EUR supportive.

 
Equities are up across the board this morning: the Dow up 0.10%, the S&P up 0.17%, NASDAQ up 0.19% and the TSX up 0.44%. Crude Oil is up 0.53% this morning ($66.09) while Gold is also up 0.27% ($1,305.60).

 

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