The CAD is stable and continuing to trade in an incredibly tight range. A federal election is expected to be called today but little impact on the Loonie is expected. News was limited to second tier Capacity Utilization Rate which posted a beat at 83.3 vs. the expected 82.0% and signalling positive underlying inflation.
The USD is trading relatively flat even with investors starting to gain risk appetite and moving away from the regular safe havens. News was positive state side with Core PPI coming out ahead of the 0.2% forecast at 0.3% and PPI numbers posting at 0.1% vs. the expected 0.0%. Crude Oil Inventories reported a 6.9M barrel draw compared to the expected draw of 2.7M barrels.
The Euro is soft and has slid to a session low ahead of tomorrow’s ECB meeting. The central bank is expected to announce a rate cut tomorrow and a reimplementation of its quantitative easing program. Positives are possible if less accommodation is provided than expected by investors.
Equities up across the board this morning: the Dow up 0.24%, the S&P up 0.27%, NASDAQ up 0.54% and the TSX up 0.29%. Crude Oil is down 0.09% this morning (57.35) while Gold is up 0.68% ($1,495.81).