February 04, 2013 at 09:16 AM EST
Dollar unchanged Monday
The U.S. dollar is slightly lower at 0.9970 as the market takes a break from selling the Canadian. The greenback-loonie pairing has stayed within its recent range as last week’s Canadian Gross Domestic Product combined with weaker U.S. data has seen the Canadian dollar take a breather from depreciating further since the Bank of Canada’s comment’s caught the markets off-guard. This Friday, Canadian employment data will be released which will be a solid indicator of the state of the economy. We expect a range today of 0.9925 to 1.0025 Canadian The euro is down 100 points to change hands currently at 1.3525. Political unrest and technical levels are pushing the euro lower this morning. This Thursday, the European Central Bank will release its rate decision and provide accompanying comments on the economy. The details of the release will be examined in detail by the market, any change of stance will create movement in the euro. We expect a range today of 1.3500 to 1.3600 Canadian U.K. Construction Purchasing Managers' Index came in weaker than expected. Despite of this, the pound-sterling-Canadian-dollar was able to retrace some of Friday’s loss. The main event this week will be the Bank of England’s rate statement this Thursday where no change in monetary policy is expected. The Australian-Canadian-dollar pairing retraced most of Friday’s loss in North American open. Tonight, the Reserve Bank of Australia will release its rate decision when it is expected rates will stay unchanged at 3.0%. The New Zealand dollar, meanwhile, is holding onto its recent gains. Resistance at 0.8467 Canadian continues to hold the pair’s advances for now. Data Releases CAD: No data today AUD: Reserve Bank of Australia Rate Decision, Trade Balance, House Price Index EUR: German Chancellor and Spanish PM Press Conference GBP: Purchasing Managers Index JPY: No data today NZD: Average Hourly Earnings USD: Factory Orders
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