FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD is relatively soft and has broken below the midpoint of its recent range.  No news today to open the trading week after yesterday’s banking holiday and ahead of tomorrow’s Bank of Canada rate announcement.  It is widely agreed upon that the central bank will hold rates steady but there is a 20% chance of a rate move baked into the rate at the moment.

The USD is firm and benefiting from a weakening risk appetite from investors due largely to Brexit and trade concerns.  News today disappointed but and was limited to the ISM Manufacturing PMI which came out just below the 51.2 forecast at 49.1.  This week brings with it a number of important fundamental releases out of the US culminating with Friday’s employment and earnings numbers.

The Euro is weakening in response to the increased flows into the USD this morning.  Expected easing from the ECB is continuing to weigh on the EUR with aggressive measures to stimulate the economy expected.

Equities are down across the board this morning: the Dow down 1.26%, the S&P down 0.81%, NASDAQ down 0.74% and the TSX down 0.45%.  Crude Oil is down 3.50% this morning (53.17) while Gold is up 1.06% ($1,545.54).

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