Wednesday, November 28, 2018
The CAD has continued to tumble today and is down over a cent and a half from its highs on Monday and 4% from early October. Further decline is expected with domestic rate expectations continuing to diminish and relative central bank policy widening. Crude is also not helping things now trading in the low $51 range.
The USD is mixed again into the open against most of the G10 currencies ahead of comments from Fed Chair Powell later on today. The Chair has come under fire as of late from President Trump who said he is unhappy with his appointment and blamed recent rate hikes for the stock market decline and GM’s plant closures. An audience Q&A will follow Powell’s comments.
The EUR is down again and touching the lower levels we have seen over the past number of weeks. Germany’s Gfk Consumer Confidence numbers slid to 10.4 for December vs. the 10.6 we saw through November. This number is, however, up from the levels we saw throughout most of 2018.
Equities are up across the board this morning: the Dow up 0.55%, the S&P up 0.11%, NASDAQ up 0.21% and the TSX up 0.30%. Crude Oil is down 0.54% this morning ($51.28) while Gold is also down 0.16% ($1,213.12).
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