Euro recovers overnight
The U.S.-Canadian-dollar pairing remains within recent ranges as the market appears to be satisfied with overall levels of traditional risk currencies vs. the U.S. dollar while concentrating on the old vanguard "majors" in recent weeks. The pair is still trending ever-so-slightly in an upward direction but any moves towards or above 0.9900-0.9925 will likely be met with happy U.S. dollar sellers. A slew of U.S data is slated for release throughout the morning which may provide for some action. We expect a range today of 0.9852 to 0.9906 Canadian The euro has recovered nicely overnight on the back of a successful Spanish bond auction and a lack of general negative news to calm sentiment over the European crisis. The euro-Canadian-dollar pairing retraced recent losses and traded above previous high at 1.3185. We expect a range today of 1.3150 to 1.3250 Canadian The Pound-Sterling-Canadian-dollar pairing retraced yesterday’s losses as the Sterling is slightly better supported today. A close above 1.5800 will put the pair back on a better tone for a recovery back towards the 1.5900 area. The Australian dollar is trading lower today after a disappointing employment number and softer iron ore prices. We expect today’s range to stay between 1.0362 and 1.0429. The New Zealand-Canadian-dollar pairing has been trading sideways this week with price largely contained between 0.8225 and 0.8300. Data Releases CAD: Foreign Securities Purchases AUD: No data today EUR: European Central Bank Monthly Bulletin GBP: No data today JPY: Revised Industrial Production NZD: CPI USD: Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index, Natural Gas Storage
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