The CAD has recovered after a sharp drop off earlier this morning on poor fundamentals. Yesterday we saw the Loonie push to a fresh 2019 high, but this was quickly thwarted into the North American open today. Core Retail Sales and well as Retail Sales numbers fell short of their 0.3% forecasts coming in at -0.3% and -0.1% respectively.
The USD is firm to close out the week after an up and down past 24 hours. Fundamentals were in line and have done little as far as movement with most coming from poor Canadian news. Prelim UoM Consumer Sentiment was just below the 98.6 forecast coming in at 98.4. Prelim UoM Inflation Expectations was just below last month’s 2.7% at 2.6%.
The Euro has reversed yesterday’s gains as most investor focus now lies on next week’s ECB meeting. July 25’s meeting is not expected to bring any policy changes, however, a signal that rates may drop later in the year is expected.
Equities are up across the board this morning: the Dow up 0.26%, the S&P up 0.07%, NASDAQ up 0.27% and the TSX up 0.11%. Crude Oil is up 0.07% this morning (55.34) while Gold is down 1.22% ($1,428.39).