The CAD is continuing to fade from last week’s 2019 high on mixed fundamentals ahead of tomorrow’s BoC rate announcement. Housing Starts came out a nice beat at 246K vs. the expected 209K while Building Permits were down 13% compared with the expectation of -10%. Tomorrow brings the highly anticipated Bank of Canada rate announcement. It is widely agreed upon that the central bank will hold rates steady.
The USD is strengthening after this morning’s speech from Powell and into tomorrow’s testimony from the Fed Chair. Fundamentals out of the US were limited to second tier releases and did little as far as movement goes. The NFIB Small Business Index was in line at 103.3 while JOLTS Job Openings came in a miss at 7.32M vs. 7.51M.
The Euro is pushing lower and continuing the bearish trend we have seen as of late after its late June highs. It is expected that the EUR will retain a soft undertone at least for the time being but any significant losses are unlikely unless we see something unexpected.
Equities are mixed this morning: the Dow down 0.31%, the S&P down 0.04%, NASDAQ up 0.28% and the TSX up 0.28%. Crude Oil is down 0.05% this morning (57.63) while Gold is up 0.07% ($1,396.46).