CAD Continues to Trade Sideways

Wednesday, October 3 2018

 

The CAD is trading sideways after consolidating this week’s gains. Again no news to report on is leaving any movement based on central bank policy outlook as well as crude pricing differentials. Friday’s trade and employment data remain the next scheduled domestic releases.

 
The USD is mixed against most of the G10 currencies but overall fairly quiet on the morning thus far. News impressed out of the US today with a number of data points beating their estimates. ADP Non-Farm Employment Change as well as Final Services PMI were both beats of 45K and 0.6 respectively. While first tier ISM Non-Manufacturing PMI beat the 58.0 expectation coming in at 61.6.

 
The EUR showed a healthy gain through the Asian session but has since faded these gains into the North American open. Italy concerns eased as its populist government took a step back on budget deficit/GDP ratios after next year. The EUR received a slight boost from this overnight but was then offset by disappointing Eurozone PMI numbers.

 
Equities are up across the board this morning: the Dow up 0.49%, the S&P up 0.34%, NASDAQ up 0.29% and the TSX up 0.16%. Crude Oil is up 0.32% this morning ($75.47) while Gold is down 0.15% ($1,201.52).

 

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