Monday, January 29, 2018
The CAD is starting the morning down slightly from the close last week but trading well within the recent range. No news to report on out of Canada is leaving the biggest near term risk to continuing NAFTA headlines. Fundamentals are quiet until Wednesday’s GDP numbers in the AM.
The USD strong and firming against most of the G10 currencies. A mixed bag of news to open the trading week ahead of Wednesday’s Fed rate announcement. Core PCE Price Index was in line at 0.2% while Personal Spending was down to 0.4% vs. the expected 0.5%. The lone positive on the morning was second tier Personal Income which showed an increase of 0.4%.
The EUR is struggling and retreating from its recent highs. Although we did see a pull-back, analysts still think that the EUR is an attractive buy. German import prices y/y slowed sharply to 1.1%.
Equities are down across the board this morning: the Dow down 0.46%, the S&P down 0.54%, the NASDAQ down 0.48% and the TSX down 0.52%. Crude Oil is down 1.29% this morning ($65.29) while Gold is also down 0.59% ($1,341.16).
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