CAD Firm on Quiet Trading Friday

Friday, July 27, 2018

 

With what seems to be an improvement in tone regarding NAFTA, the loonie is trading flat versus major currencies to end the week. It appears to be supported at current levels with future expectations of Canadian interest rate increases firming. Monthly Canadian GDP will be released on Tuesday with an expectation of 0.1%.

 

The US dollar is trading flat as quarterly GDP numbers were strong, but a slight miss at 4.1% (versus estimate of 4.2%). University of Michigan Consumer sentiment was also strong at 97.9 versus the estimate of 97.1. The next US Federal Reserve announcement is August 1 and analysts will closely watch the accompanying statement for any changes as a result of the recent strong economic data.

 

Rounding out this quiet trading Friday the Euro is flat. The lone releases from the Eurozone were German input prices (0.5% versus 0.3% expectation) and French Consumer Spending (0.1% versus 0.6% expectation).

North American Equities are mixed: The Dow is up 0.05%, the S&P down 0.18%, NASDAQ down 0.56%, and the TSX up 0.05%. Crude Oil is down 0.69% ($69.14) and Gold is down 0.15% ($1,233.40).

 

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