CAD Continues to Slide

Tuesday, November 6, 2018

 

The CAD is relatively quiet but down slightly on the week thus far. News again was limited to second tier data which has done little as far as momentum or movement goes. Building Permits were a narrow beat but still a soft number coming in at 0.4% vs. the expected 0.3%.

The USD holding its own and up against most of the G10 currencies today with the midterm elections ongoing throughout the day. Fundamentals were also light out of the US with JOLTS Job Openings the lone release coming in just under the 7.09M forecast at 7.01M. The midterm elections will be an interesting development throughout the day, with record voter turnout already being reported.

The EUR is finding its footing today on the back of solid PMI and PPI numbers out of the Eurozone. All but the PMI numbers out of Italy were healthy beats over their respective expectations. Overall Eurozone PPI was also a beat coming in ahead of the 0.4% forecast at 0.5%, while Final Services PMI also beat the 53.3 expectation at 53.7.

Equities are up across the board this morning: the Dow up 0.15%, the S&P up 0.40%, NASDAQ up 0.51% and the TSX up 0.22%. Crude Oil is down 1.25% this morning ($62.31) while Gold is also down 0.18% ($1,229.25).

 

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