CAD Falls on Poloz Comments

Tuesday, March 13, 2018

The CAD is soft and down almost a full cent on comments from BoC Governor Poloz this morning. Poloz stated that there was still room for the Canadian economy to grow without focusing too much on inflation. This is hinting that there will not be another rate hike from the central bank for some time.

The USD is up against most of the G10 currencies on a morning of in line news. CPI m/m for the US was in line with the 0.2% forecast while Core CPI also matched the 0.2% expectation. Later this morning we have second the tier 30-y Bond Auction released.

The EUR continues to trade within its recent range although near the top end of the level we have seen as of late. Comments from ECB GC member Lane has given the EUR a slight boost but not enough to push it over the current resistance level.

Equities are mostly up this morning: the Dow up 0.26%, the S&P up 0.35%, the NASDAQ down 0.06% and the TSX up 0.40%. Crude Oil is down 1.48% this morning ($60.45) while Gold is up 0.03% ($1,323.52).

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