Thursday, November 29, 2018
The CAD has consolidated most of yesterday’s Powell driven gains and is trading close to the mid-point of the week. News today was limited but solid out of Canada with Current Account numbers coming in ahead of the -11.9B forecast at -10.3B. Crude continues to trade in the lower $51 range.
The USD is mixed against most of the G10 currencies after comments from Fed Chair Powell yesterday and ahead of the FOMC meeting minutes later today. US equity markets saw a surge after Powell’s comments yesterday regarding interest rates which weighed on the USD through the early afternoon. News today was mixed with Core PCE Price Index missing the mark by 0.1$ and Personal Spending coming out ahead by 0.2%.
The EUR is consolidating in the higher end of its recent range following a bullish Wednesday session. A retracement is possible since a slight retreat has been seen into the North American open from overnight highs. German unemployment fell further than analysts were expecting pushing the unemployment rate down to a record low 5%.
Equities are mostly down this morning: the Dow down 0.58%, the S&P down 0.56%, NASDAQ down 1.01% and the TSX up 0.16%. Crude Oil is up 2.21% this morning ($51.40) while Gold is also up 0.52% ($1,227.54).
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