Greek Shuffle
Yesterday saw the loonie continue to rise against the greenback. Markets are awaiting the release of important economic indicators in both the U.S. and Canada, in addition to the Federal Open Market Committee’s key rate decision, which will be announced on Wednesday.
In Europe, the headlines continue to be filled with the latest from the Greek saga. After many months of fruitless discussions, Athens announced yesterday a shake-up in its negotiating team responsible for holding talks with international creditors. Greek Finance Minister Yanis Varoufakis, who had often been characterized by many European officials as being too combative and unwilling to meet demands, is no longer in charge of negotiations. Pressure is increasing on the Greek government, who is facing imminent debt payments. Yesterday the euro ended the day slightly higher against the greenback.
Today we will be monitoring the USD Consumer Confidence Index (April). Even if this index is currently at a historically high level, pundits are still projecting that it will rise. Today also is the start of the FOMC meeting.
