FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD is quiet again and is trading at virtually the exact level that we saw yesterday morning.  Bank of Canada Council Member Wilkins speaks later today about safeguarding the Canadian financial system and will be interesting as comments will not be released ahead of time.  Manufacturing Sales was a slight beat today coming in at -0.2% vs. the expected -0.5%.  Investor focus will be on tomorrow morning’s inflation data which will be released in the AM.

The USD has consolidated the slight losses that were seen through the trading day yesterday against most of the G10.  News impressed out of the US this morning with Building permits posting a beat (1.46M vs. 1.39M) and Housing Starts reporting in line at 1.31M.  Tomorrow’s FOMC Meeting Minutes will headline the news stateside.

The Euro is firm at the moment in its current range but has struggled to make any real convincing move upwards.  Bets on further rate cuts by the ECB have simmered as policy makers have made it clear that they are at, or close to the current limit of monetary stimulus.  We will likely see the EUR trade within its recent range and respond to USD movements as well as US-China trade developments.

Equities are down across the board this morning: the Dow down 0.38%, the S&P down 0.05%, NASDAQ down 0.06% and the TSX down 0.17%.  Crude Oil is down 1.93% this morning (55.95) while Gold is up 0.06% ($1,472.34).

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