FX Highlights

  • The YEN and the USD gain ground on the EUR on perceptions that the banking community may indeed take longer than expected to recover
  • The EUR/US continues to consolidate in a relatively tight range between 1.4175 and 1.4250, trade is choppy at best
  • CHF sees continued pressure if bulls give up the fight against intervention
  • The BOC is troubled with possible leaks of economic data, security review by Statistics Canada in the works, USD/CAD edges lower again with a near term bottom in site at 1.0963 early in the session
  • AUD/USD volatile on mixed signals from both crude oil and gold futures, overall trend remains positive but gains are subject to profit taking from the tech traders
  • Pre-open US stock futures point lower, earnings continue to headline
  • OIL prices lower along with the rest of the energy complex

Upcoming Events

  • US- No key news, Humphrey-Hawkins testimony continues
  • CAN- Retail sales at +0.8%, ex autos +0.5%