FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

Friday, November 23, 2018

 

The CAD is range bound to end the week as CPI data beat at 0.3% vs. the 0.1% expectation but core retail sales missed at 0.1% vs. 0.3%. Adding to uncertainty in the loonie is international oil prices falling 7% in early trading on continuing oversupply worries. This uncertainty is causing expectations of future Bank of Canada rate increases to fall. OPEC will be meeting next week to discuss potential supply limits.
 
The USD is trading stronger against most currencies as markets are open again in the United States. Economic releases were limited to less impactful flash manufacturing and services PMI’s and both were slight misses. Risk aversion seems to be driving the USD higher with oil prices and equities down.
The EUR is falling as all German, French, and total EU Flash manufacturing and service PMI numbers missed expectation. Adding to the negative Euro trade was German final quarterly GDP at expectation of -0.2% solidifying economist’s worries of the Eurozone economy slowing.
 
Equities are down across the board this morning: the Dow down 0.62%, the S&P down 0.44%, NASDAQ down 0.11% and the TSX down 0.89%.  Crude Oil is down 6.55% ($51.05) while Gold is also up 0.31% ($1,224.20).

 

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