Currencies rangebound
U.S. Dollar vs Canadian Dollar: USD/CAD is stuck in a tight range and many are looking for Canada's dollar to strengthen on the back of recent oil strength. There seems to be plenty of U.S. dollar sellers above 1.0200 while near 1.0100 buyers emerge. Today’s housing starts data remained in line with past growth; the market has had no reaction. We expect a trading range of 1.0100 and 1.0200. Canadian Dollar vs Euro: The Euro slowly climbed to 1.4000 earlier this morning as solid results from Germany helped buoyed the market. Since the release the Euro has retreated slightly to currently change hands at 1.3975. We expect a range today in the EUR/CAD rate of 1.3925 and 1.4025. Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Sterling is trading at 1.6278 against the loonie this morning, as the Manufacturing Production and Industrial Production results were roughly as expected. This Thursday’s MPC minutes will be released, as both interest rates and the amount for asset purchase program are expected remain on hold. The Australian Dollar is softer this morning opening at 1.0477 after weak overnight trade balance figures. With China’s strong exporting ties with Australia, this week’s Chinese trade data will provide a better indication of the AUD. The New Zealand Dollar is changing hands at 0.8067 heading into the North American open. The Kiwi has been trading within 0.7965 and 0.8159 since the beginning of October. Data Releases: AUD: Westpac Consumer Confidence. CAD: Housing Starts. EUR: German Trade Balance. GBP: Industrial Production. JPY: Trade Balance. NZD: Card Spending. USD: Fed’s Plosser Speaks.
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