Monday, October 9, 2018
CAD weakness is continuing starting the North American trading week. A lack of top level domestic data and the ongoing Canadian heavy crude price differential to world prices are weighing. The lone data release was September housing starts at a miss of 189k versus the expected 203k.
The USD is strong versus major currencies as higher bond yields are stimulating demand. Markets await producer price index data tomorrow as the next important economic release. Although trade fears are subsiding, the IMF downgraded global growth yesterday citing trade tension between the US and major trade partners.
The EUR is weak after Monday’s German industrial production numbers missed (-0.3% vs. 0.4 est.) and Italian bonds are falling today. Investors have concerns about the current Italian budget and other members of the EU are becoming worried.
Equities are mixed this morning: the Dow down 0.014%, the S&P up 0.01%, NASDAQ up 0.73% and the TSX down 0.35%. Crude Oil is down 0.16% this morning ($74.10) while Gold is up 0.19% ($1,190.90).
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