FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

Monday, March 11, 2019

Markets Quiet to Start Trading Week

With a lack of meaningful economic data releases until later in the week, the CAD is trading sideways. The Loonie will be at the mercy of external data releases and commodity prices. Oil is up today with Saudi Arabia confirming they will abide by supply cuts until June. Focus will be on Bank of Canada 2019 expectations and markets await Deputy Governor Wilkins’ speech on Thursday for hints.
 
The USD is consolidating in a tight range after gains made last week. The first of the economic data delayed by the 35 day government shutdown has been released today. US Retail sales beat expectation for January at 0.2% growth versus 0.0% expectation. However, December numbers were revised downward to -1.6% from -1.2% making it the worst number since 2009. We also get CPI data tomorrow durable goods, and PPI Wednesday. Federal Reserve Governor Powell will be speaking again later today. It is likely h will reiterate his views from Friday’s speech that the FOMC is flexible with their monetary policy and they will watch the data going forward.
 
The Euro is quiet today as Finance ministers are meeting in Brussels to discuss coordinated policies. Although German industrial production was a miss at -0.8% versus 0.5% growth expectation and trade balance missed at 18.5B versus 21.2B, there was little effect on the EUR.
 
Equities are up to start the week: the Dow up 0.07%, the S&P up 0.88%, NASDAQ up 1.34% and the TSX up 0.50%. Crude Oil is up 0.96%this morning ($56.61) while Gold is down 0.56% ($1,292.00).

 

To speak with a Foreign Exchange Specialist, or to get a free, no obligation quote on your foreign currency needs call 1.866.752.7135.

To sign up to receive Daily Market Updates or a quote, fill out the form below and a Foreign Exchange Specialist servicing your region will contact you within the business hour. Fields marked with an * are required.
Olympia Trust Foreign Exchange