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NBC Daily Forex : November 04, 2013

ByThe National Bank of Canada
Published 11/06/2013, 02:23 AM
Updated 05/14/2017, 06:45 AM

Yesterday evening, Australian September Retail Sales figures provided a pleasant surprise, with growth of 0.8% compared to the forecast 0.4%. The Australian dollar gained close to 0.5% against the greenback on the news, and is trading at 0.95 AUD/USD this morning.

More good news came from China on Sunday, as the Non-Manufacturing PMI Index grew from 55.4 to 56.3 in October. This sector was responsible for more than 45% of Chinese GDP in 2012. Growth in China currently stands at an annualized 7.8%, and is quietly beginning to show signs of an economic recovery.

Although the loonie has been treading water for the past few months, the Australian dollar, pound sterling and the euro have gained 6.49%, 4.18% and 1.67% respectively against the greenback over the past 3 months.

This morning, we are awaiting the release of U.S. Factory Orders for September. Analysts expect an increase of 1.8%. Have a great week! Philippe Shebib

Range of the day: 1.0360-1.0450
FACTORY ORDERS SEP

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