Thursday, March 14, 2019
CAD Steady after Slight Retracement
The CAD started the morning retracing its week’s gains slightly but seems to have found its footing since. Domestic news was limited to second tier NHPI numbers (-0.1% vs. 0.0%) this morning and most of today’s risk lies in a later speech from BoC Senior Deputy Governor Wilkins. Tomorrow’s Manufacturing Sales numbers headline the AM releases out of Canada.
The USD is strengthening and showing signs of recovery into the North American open as the meeting between China’s Xi and Trump has been delayed. Fundamentals out of the US were limited and mixed with Import Prices showing a beat of 0.3%, Unemployment Claims in line at 229K and New Home Sales missing the mark by 15K.
The Euro is stabilizing against most of the G10 currencies but struggling to make any convincing gains above yesterday’s level. Most movement this week has been due to the GBP and the ongoing Brexit situation. We should see the EUR continue to be supported at current levels and any push higher should represent a bullish turn.
Equities are down across the board this morning: the Dow down 0.05%, the S&P down 0.12%, NASDAQ down 0.12% and the TSX down 0.27%. Crude Oil is up 0.46% this morning ($58.53) while Gold is down 1.08% ($1,294.96).
To speak with a Foreign Exchange Specialist, or to get a free, no obligation quote on your foreign currency needs call 1.866.752.7135.