FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

No new data out of Canada this morning has all eyes on Governor Poloz’s comments coming up at 12:00 today. CAD showed some weakness this morning but has since retraced all of this morning’s losses plus more and is sitting just above yesterday’s open. We should see continued volatility this morning with Yellen’s testimony along with Poloz’s upcoming comments.
Data is also modest out of the US this morning with CB Consumer confidence being the main data point coming out a miss at 96.4 vs. an expected 99.6. Flash Services PMI came out a beat at 57.0 against the forecast 54.5 and the Richmond Manufacturing Index was a miss at 0 against the predicted 7. The main source of USD strength or weakness today will come from Yellen’s testimony which will be ongoing for the coming hours.
EUR is down slightly this morning, however the main news is the European Commission accepting the new Greek Economic measures paving the way for an extension of the country’s bailout agreement. EUR volatility now shifts from Greece to the USD side of the equation and much of the strength and weakness will be based around the US comments coming from Yellen.
Oil has strengthened over 1% since the open this morning, however the increasing disconnect between crude prices and CAD continues to be evident. Crude now hovers just under the $50 mark as this has proven to be a price support.
Equities are up across the board this morning as the market continues to digest Yellen’s comments: the Dow is up 0.38%, S&P down 0.18%, and NASDAQ up 0.03%. The TSX showing the greatest increase up 0.41%. Crude Oil is up 1.27% this morning ($50.08) while Gold is flat since the open ($1,200.80).

Olympia Trust Foreign Exchange