FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

After overnight gains which saw the CAD trading in the range we saw at the beginning of the week, we have seen a sharp drop back to yesterday’s range.  The Bank of Canada held rates steady at 1.75% this morning as was widely expected.  They also highlighted that ongoing conflict and tariff wars would be a challenge for overall growth and GDP numbers.

The USD is mixed but trading within the range we saw through the trading day yesterday.  Fundamentals were limited to second tier Final Wholesale Inventories which came out in line at 0.4%.  Fed Chair Powell’s testimony is ongoing throughout the morning and has so far highlighted overall global uncertainty and its impact on corporate expenditure.

The Euro is has made, albeit modest, gains into the North American open today benefiting from positive French and Italian industrial production numbers.  These fundamentals have brightened the short term outlook for the Eurozone economy, but overall global uncertainty could still weight on the EUR.
Equities are up across the board this morning: the Dow up 0.12%, the S&P up 0.32%, NASDAQ up 0.27% and the TSX up 0.28%.  Crude Oil is up 2.89% this morning (59.50) while Gold is up 0.67% ($1,407.00).

Olympia Trust Foreign Exchange