The CAD has seen slight gains from the lows seen earlier this morning but continues to trade in a relatively flat fashion. Today’s Current Account numbers were the lone release fundamentally and came in a healthy beat at -6.4B vs. the expected -9.9B. The market is currently pricing in a 20% chance of the rate cut at next week’s Bank of Canada rate announcement, but most analyst think that the central bank will hold rates steady.
The USD is mixed in trade this morning but overall relatively quiet again today. Prelim GDP numbers were in line with the 2.0% forecast and did little as far as movement into the open. Unemployment Claims were also in line at 215K.
The Euro is softening even with Eurozone confidence data surpassing analyst expectations. Price action today is looking relatively flat and sideways trade is expected in the near term. German Prelim CPI numbers fell short of the -0.1% forecast coming in at -0.2%.
Equities are up across the board this morning: the Dow up 1.27%, the S&P up 1.15%, NASDAQ up 1.53% and the TSX up 0.66%. Crude Oil is up 1.29% this morning (56.50) while Gold is down 0.13% ($1,537.03).