FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD has made solid gains since its lows yesterday and it trading just below the 2019 highs.  Fundamentals impressed with Foreign Securities Purchases far surpassing the 5.02B forecast coming in at 10.20B.  Tomorrow’s inflation numbers will be important if we are to see the Loonie continue to gain ground as we have in the past couple of weeks.

The USD is showing broad strength into the North American open today being bolstered by impressive fundamental releases.  Both Core Retail Sales and Retail Sales numbers came in ahead of their 0.1% forecasts at 0.4%.  Fed Chair Powell speaks later this morning and may provide the basis for some movement into the afternoon.

The Euro has softened and is trading down on the day again after German ZEW sentiment reported lower than expected in both current assessment and the future expectations.  This points to further concern for continued sluggish growth not only in Germany but the entire Eurozone.  Sustained losses below the current level could potentially be the catalyst for a negative tail spin of the EUR.

Equities are mixed this morning: the Dow up 0.02%, the S&P down 0.08%, NASDAQ down 0.15% and the TSX up 0.04%.  Crude Oil is up 0.01% this morning (59.58) while Gold is down 0.29% ($1,409.96).

Olympia Trust Foreign Exchange