Yesterday was a particularly trying day on stock markets, with the S&P 500, NASDAQ and S&P/TSX Composite down by 2.6%, 3.0% and 2.8% respectively. Fears of a slowing economy in China and the meltdown in pharmaceutical sector shares further to accusations from U.S. Democrats served as a pretext for profit-taking. This situation favoured the yen, the euro and the Swiss franc, which all performed well against the U.S. dollar. The bearish trend continued overnight, with downturns in both Europe and Asia. Nevertheless, the futures market is pointing to a slightly positive opening on North American markets, although the loonie continues to drop against the greenback. Exporters should take this opportunity to place orders with our team. On the indicator front, we'll be keeping an eye south of the border on the S&P/Case-Shiller Home Price Indices this morning at 9 a.m. and U.S. Consumer Confidence at 10 a.m.
Have a great day! Emmanuel Tessier-Fleury
- Range of the day:1.3360 - 1.3465