The CAD is down a touch from the trading range yesterday and close to the bottom of this week’s range. News disappointed but was limited to second tier Ivey PMI which posted a 48.2 print vs. the expected 49.3. News is quiet now until Friday’s employment data headlines the AM news.
The USD is slightly higher but the gains are relatively subdued and it is trading near last week’s post Fed high. News out down south was positive but also limited to second tier releases and has done little as far as significant momentum goes. Prelim Nonfarm Productivity reported at -0.3% against the expected 1.0%. Prelim Unit Labor Costs also beat its 2.2% expectation coming in at 3.6%.
The Euro is slightly firmer on the day today but is struggling to maintain its current level. A boost in German factory orders did give the EUR a little bit of upward momentum, however, overall sentiment around Brexit continues to weigh.
Equities are mostly down this morning: the Dow down 0.02%, the S&P down 0.03%, NASDAQ down 0.32% and the TSX up 0.39%. Crude Oil is up 0.21% this morning (57.35) while Gold is up 0.28% ($1,487.80).