The CAD has retraced much of the early morning and overnight losses that we saw but is trading well within its recent range. Fundamentals were again absent and analysts continue to reiterate that the Loonie is undervalued. News is very light for the remainder of the week with only second tier NHPI numbers being released tomorrow.
The USD is trading defensively again even with sentiment shifting to that of risk aversion. News was mixed State-side with CPI numbers coming out in line at 0.1% which Core CPI was a slight miss at 0.1% vs. the expected 0.2%. Crude Oil Inventories posted a build of 2.2M barrels compared to the expected draw of 1.0M.
The Euro is continuing to trade sideways and consolidating around its recent range. There were no major releases this morning throughout the Eurozone which is leaving relative expected central bank policy as well as risk aversion at the forefront of any movement.
Equities are mostly down this morning: the Dow up 0.01%, the S&P down 0.19%, NASDAQ down 0.23% and the TSX down 0.27%. Crude Oil is down 2.23% this morning (52.08) while Gold is up 0.54% ($1,333.95).