Friday, August 10, 2018
The CAD is soft today even with what looked like impressive fundamental data releases. The Unemployment Rate fell to 5.8% compared with the expected 5.9%. Employment Change was a massive beat coming in at 54.1K vs. the expected 17.0K. This however was mostly due to an increase in part time work offsetting a fall in full time jobs. Much of these were also in the public sector.
The USD is showing broad strength against most of the G10 currencies and hitting fresh highs against the EUR, GBP, AUD and NZD. Fundamentals were in line with their expectations with both Core CPI and CPI numbers coming out at 0.2%. The Federal Budget Balance is released at 12PM MST today, but isn’t expected to provide much as far as movement.
The EUR is tumbling and hitting a fresh one year in response to a market focus on the Turkey situation. Bank exposure to Turkey is the main concern, which caused a fall of over a cent overnight. Should the EUR remain in this range, it could lead to significantly more weakness this calendar year.
Equities are down across the board this morning: the Dow down 0.68%, the S&P down 0.51%, NASDAQ down 0.42% and the TSX down 0.64%. Crude Oil is up 1.45% this morning ($67.78) while Gold is also up 0.20% ($1,214.91).
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