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NBC Daily Forex : November 05, 2013

ByThe National Bank of Canada
Published 11/06/2013, 02:26 AM
Updated 05/14/2017, 06:45 AM

The only noteworthy economic figures released yesterday were U.S. Factory Orders for September. They were up 1.7%, slightly below (0.1%) analysts’ forecasts. The lack of economic news was reflected on stock markets, with the Dow Jones and TSX posting small gains of 0.15% and 0.18%, respectively.

Overnight, the U.K. Services PMI index, which monitors consumer sentiment with regard to manufacturing and construction services, surprised markets with a figure of 62.5 versus 60, as expected. Recent positive news in the U.K. could force the Bank of England’s Mark Carney to review his growth forecast in the near future.

Though the Keystone pipeline project has been stalled, several energy sector companies in Canada are increasing railway transportation of oil to North Dakota. Canadian Pacific Railway is reporting that oil transport has grown nearly 40% in less than one year. Usually, the Keystone project should be transporting 830,000 barrels of oil per day. Railway transport could be a good solution for Canada’s economic health, with the potential to transport 700,000 barrels per day in 2016, according to the IHS.

This morning, we are expecting U.S. ISM Non-Manufacturing PMI figures for October. Wishing you a great day! Philippe Shebib

Range of the day: 1.0380-1.0470

ISM NON-MANUFACTURING

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