The CAD started the morning struggling and down over half a cent from the open yesterday, however, has retraced much of the early losses. No fundamentals to report on again today has the Loonie being pressured by the USD which has benefited from solid releases this morning. News is absent until Thursday’s second tier ADP Non-Farm Employment Change numbers.
The USD is solid and making gains off fundamentals into the North American open. Second tier NFIB Small Business Index was in line at 104.7 as were CPI numbers at 0.3%. Core CPI impressed coming in ahead of the 0.2% forecast at 0.3%. The US stock market has made a turn higher this morning erasing much of its losses after yesterday’s tumble.
The Euro is up about half a percent today and looks to further this week’s gains even with less than stellar fundamental releases from throughout the Eurozone. Germany’s ZEW Economic Sentiment failed to impress coming in well below the -27.8 forecast at -44.1. Eurozone ZEW Sentiment also fell considerably reporting at -43.6 vs. -21.7.
Equities are mixed this morning: the Dow up 0.22%, the S&P down 1.22%, NASDAQ up 0.46% and the TSX down 0.63%. Crude Oil is down 0.51% this morning (54.65) while Gold is also down 0.05% ($1,510.34).