CAD Strong to Open Trading Week

Monday, July 30, 2018

The CAD is opening the week making solid gains on the back of oil and improving sentiment. News was absent today ahead of tomorrow’s important GDP numbers in the AM. Tariffs remain a big concern and their effect on the Bank of Canada’s inflation target.

 
The USD is defensive on the morning thus far and softening against most of the G10 currencies. News was limited to second tier Pending Homes Sales which came out ahead of the 0.4% forecast at 0.9%. Most investor focus will likely remain on Wednesday’s FOMC rate announcement.

 
The EUR is attempting to make a slight recovery after last week’s tumble. This week provides important releases starting with tomorrow’s GDP and CPI numbers. Analysts are modestly bullish on the EUR at least for the medium term.

 
Equities are down across the board this morning: the Dow down 0.14%, the S&P down 0.29%, NASDAQ down 1.03% and the TSX down 0.07%. Crude Oil is up 2.02% this morning ($70.08) while Gold is also up 0.03% ($1,233.10).

 

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