Wednesday, September 5, 2018
The CAD is trading sideways from yesterday in the wake of a steady BoC announcement. The Bank of Canada held rates steady at 1.50% this morning, in line with what most analysts had predicted. The central bank reiterated that further rate hikes would be necessary to keep inflation on target, but that it would be a gradual approach. Other fundamentals were mixed with Trade Balance coming in a narrow beat of 1.0B and Labor Productivity a slight miss of 0.2%.
The USD holds onto its firm undertone into the North American open today with limited movement against the G10. News was relatively limited and has provided little as far as movement as most focus remains on pending NAFTA and other trade deals. Trade Balance reported in line with expectations at 50.1B.
The EUR is quiet and trading in a relatively narrow range compared to yesterday. Fundamentals were mixed with positive French and German PMI’s offset by poor Italian PMI. A modest push higher is possible in the near term.
Equities are down across the board this morning: the Dow down 0.06%, the S&P down 0.62%, NASDAQ down 1.23% and the TSX down 0.61%. Crude Oil is down 1.59% this morning ($68.76) while Gold is up 0.41% ($1,196.45).
To speak with a Foreign Exchange Specialist, or to get a free, no obligation quote on your foreign currency needs call 1.866.752.7135.
To sign up to receive Daily Market Updates or a quote, fill out the form below and a Foreign Exchange Specialist servicing your region will contact you within the business hour.