CAD Tumbles to End Week
Friday, October 20, 2017
The CAD has fallen sharply down over a fell cent on poor news as well as overall sentiment. News was disappointing with a slew of CPI data being released this morning. CPI missed coming in at 0.2% vs. the expected 0.3% while Core Retail Sales was a massive miss coming in well below the 0.3% forecast at -0.7%.
The USD is strong finding its strength from not only solid fundamental news but also the hope of tax cuts from Senate. Existing Home Sales impressed coming in at 5.39M vs. the expected 5.30M. A speech from Fed Chair Yellen later tonight may provide the basis for some movement into next week.
The EUR remained well supported after its temporary dips as of late. We have seen nice strength when most investor’s support is on the USD this morning. The Catalan issue remains a headline risk but seems to be affecting the EUR less than originally expected.
Equities are up across the board this morning: the Dow up 0.47%, the S&P up 0.30%, the NASDAQ up 0.41% and the TSX up 0.34%. Crude Oil is up 0.31% this morning ($51.45) while Gold is down 0.82% ($1,279.58).
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