Thursday, September 13 2018
The CAD is consolidating and trading near the top of its week range with most gains being NAFTA driven. Ongoing negotiation progress continued to bolster the CAD yesterday capping a 2 cent move from levels seen Monday. News was limited to NHPI numbers that released in line with the 0.1% forecast.
The USD is mixed and trading narrow ranges against most of the G10 currencies. A soft undertone is dominant following yesterday’s poor data as well as today’s CPI numbers. CPI as well as Core CPI both missed their respective marks by 0.1%. While Unemployment Claims were slightly lower than the 210K forecast at 204K.
The EUR is steady and has gained some ground after the ECB meeting this morning. Policy was left unchanged as expected and although Draghi reiterated the need for stimulus, it is expected that the current QE program will still wind down into 2019.
Equities are mostly up this morning: the Dow up 0.34%, the S&P up 0.42%, NASDAQ up 0.74% and the TSX down 0.16%. Crude Oil is down 2.32% this morning ($68.74) while Gold is also down 0.22% ($1,203.62).
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