CAD Tumbles to Week’s Low

Wednesday, September 13, 2017

Good morning,

The CAD has dropped off sharply today on sentiment and with a large build in crude oil inventories.  The reported inventory build soared to 5.9M barrels compared to the expected 4.1M barrels.  We have seen a drop of over half a cent since earlier this morning.  Tomorrow’s NHPI data is the last remaining release for the week out of Canada.

The USD showed early signs of a solid rebound, which has since weakened on disappointing fundamental releases.  PPI and well as Core PPI both missed their respective marks by 0.1%.  Tomorrow’s CPI releases are important not only for the immediate trend of the USD but also for the Fed decision coming next week.

The EUR is still showing sign of a downturn in the near term but is holding on to its recent strength.  Fundamentals were mostly positive today but the EUR is failing to react meaningfully to these releases.

Equities are mixed this morning: the Dow up 0.03%, the S&P down 0.07%, the NASDAQ down 0.03% and the TSX up 0.09%.  Crude Oil is up 0.95% this morning ($48.69) while Gold is down 0.68% ($1,322.78).

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Written by Blog Admin