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Daily Update: October 31, 2012

ByThe National Bank of Canada
Published 10/31/2012, 07:48 AM
Updated 05/14/2017, 06:45 AM
NWSA
-1.06%

Media and investor attention is focused on Hurricane Sandy and the damages it is causing. American stock markets will be closed for a second consecutive day. The last time markets were closed for two days due to weather was during a major blizzard in 1888. Weather permitting, market authorities and operators have stated their intent to reopen markets on Wednesday. In the meantime, Asian and European markets are posting significantly lower volumes. We may therefore have another relatively calm day on foreign exchange markets.

Overnight, the Bank of Japan confirmed that it would add the equivalent of some $138 billion in fresh monetary easing. This was essentially what was expected by markets. The yen gained a few points in reaction to the news.

Canadian Industrial Products Price Index figures for September will be released this morning. Markets are forecasting a price increase of 0.2%. They had dropped -0.1% in August. Wishing you a great day!

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