CAD Trades Higher Ahead of Fed
Wednesday, November 1, 2017
The CAD is starting the morning strong and consolidating just below its overnight highs. Crude surged past the $55 mark for the first time since January and finally settled in the high $54 range. News releases were limited to second tier Manufacturing PMI which came in at 54.3.
The USD is mixed ahead of the highly anticipated FOMC rate decision at 12 MST today. It is expected that the Fed will hold rates steady, but the verbiage of the meeting minutes should provide some basis for not only movement of the Dollar but also an insight into the future path for the remainder of the year. ISM Manufacturing PMI disappointed coming in just below the 59.5 forecast at 58.7. Crude Oil Inventories came in a larger draw than the 1.5M barrel draw expected at 2.4M barrels.
The EUR is trading close to the bottom of its recent range after a decline to start the trading week. Fundamentals have been fairly limited this week leaving most investor’s focus on today’s Fed and tomorrow’s Eurozone PMI’s.
Equities are up across the board this morning: the Dow up 0.52%, the S&P up 0.29%, the NASDAQ up 0.10% and the TSX up 0.32%. Crude Oil is up 0.63% this morning ($54.72) while Gold is also up 0.47% ($1,277.41).
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