Foreign Exchange Daily Market Update
CAD Stabilizes Ahead of Inauguration
The CAD has made slight gains and consolidated around levels just above the range seen last week. News is fairly limited with only Wholesale Sales numbers coming out just under its 0.3% forecast at 0.2%. Fundamentals are quiet the rest of the week with no major releases scheduled.
The USD is softening against all of its G10 peers with no fundamental news releases scheduled. Again news out of the US is quiet with the next major release coming in the form of crude inventories on Wednesday. Friday’s Presidential Inauguration was largely a non-event with little volatility stemming from the day’s events.
The EUR saw slight gains through the Asian trading session but retraced most of its gains into the Euro session. Central bank policy continues to diverge with the Fed growing more and more confident in the economy, clearly contrasting the increasingly dovish messages from the ECB.
Equities are down across the board this morning: the Dow down 0.32%, the S&P down 0.45%, NASDAQ down 0.36% and the TSX down 0.49%. Crude Oil is up 2.04% this morning ($52.42) while Gold is also up 0.50% ($1,216.41).
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