CAD Quiet and Trades in Range

Thursday, June 7, 2018

The CAD is quiet but down since yesterday and consolidating around its 2 week mid-point into the open today. News this morning was limited to the BOC Financial System review. This highlighted the continued high indebtedness of the average household as well as the cooling off of housing markets throughout the country. Overall credit for households continues to decline with higher interest rates and tougher mortgage rules.

 
The USD is mixed against most of the G10 currencies into the North American open. News was limited and in line with Unemployment Claims coming in at the expected 222K . Natural Gas Storage showed a print of 92B.

 
The EUR is continuing to extend the strength we saw yesterday after a reversal of its recent decline. The tapering of the current QE program by the ECB as well as expectations of rate normalization into 2019 is driving the current rally. Continued strength is expected at least for the near term.

 
Equities are mixed this morning: the Dow up 0.44%, the S&P down 0.08%, NASDAQ down 0.59% and the TSX up 0.21%. Crude Oil is up 1.58% this morning ($65.75) while Gold is also up 0.11% ($1,297.81).

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