FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD is off the lows that we saw earlier this morning but is still trading well within this week’s range.  Fundamentals were impressive with a number of data points helping to pull the Loonie from its lows today.  Core Retail Sales posted a massive beat coming in well ahead of the -0.1% forecast at 0.9% while Retail Sales also posted a beat at 0.0% vs. -0.3%.

The USD is trading firmly to end the week and after comments from FOMC Chair Powell reiterating that risk management was important when considering further rate cuts.  Fundamentals disappointed with second tier New Home Sales falling short at 625K vs. the expected 645K.

The Euro is soft in an environment of broad based USD strength as well as rick-off trading.  We have seen a push lower from its closest support level which is leaving the EUR vulnerable to further losses in the near to medium term.

Equities mixed this morning: the Dow down 1.38%, the S&P up 0.07%, NASDAQ down 1.57% and the TSX up 0.19%.  Crude Oil is down 1.97% this morning (54.26) while Gold is up 1.90% ($1,526.48).

Olympia Trust Foreign Exchange