Major Currencies Consolidating After Busy Last Week

Monday, June 18, 2018


After last week’s fall the loonie continues to be under external pressure to open trading. A lack of domestic data until Friday’s inflation numbers (consumer price index) leaves an already vulnerable CAD open to further decline. OPEC members and Russia will meet Friday to discuss raising output and analysts will be watching the change in oil prices effect on the CAD. Expectations of a July Bank of Canada rate increase are declining.


The US dollar is maintaining its recent Federal Reserve driven gains to start the week. Two Federal Reserve members are speaking through the day and there are no US releases until tomorrow’s building permits and housing starts.
The European Central Bank is meeting in Portugal until Wednesday with President Mario Draghi speaking each day. There are signs the Euro is stabilizing as political risk in Italy seems to be resolved, for now.
US equities are down and Canadian equites are flat: the Dow down 0.93%, the S&P down 0.63%, NASDAQ down 0.41% and the TSX up 0.07%.  Crude oil is flat 0.02% ($65.40) and Gold is up 0.34% ($1,282.80).


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