FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The CAD is soft and has tumbled from the levels we saw early in the day yesterday.  Fundamentals have been relatively light this week and today was limited as well.  Second tier Manufacturing PMI numbers were fairly soft reporting at 50.2 but up from last month’s 49.2.

The USD is showing broad strength over most of the G10 currencies extending yesterday’s post Fed gains.  Although the central bank cut rates as expected, the narrative was more positive in the conference that came after the announcement.  A chance for a further rate cut this year has been lowered.  Fundamentals this morning disappointed with IAM Manufacturing PMI falling short of the 52.0 expected by analysts coming in at 51.2.  Unemployment Claims were also slightly higher than the 212K forecast at 215K.

The Euro is weak and is falling to fresh lows with disappointing PMI’s throughout the Eurozone weighing.  Market sentiment is negative with investors pricing in a greater premium for EUR weakness protection and it is likely we will continue to see it trade lower.

Equities are up across the board this morning: the Dow up 0.95%, the S&P up 0.80%, NASDAQ up 1.42% and the TSX up 0.34%.  Crude Oil is down 2.85% this morning (56.91) while Gold is up 0.03% ($1,414.21).

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