Yesterday, October ISM Non-Manufacturing PMI figures for the U.S. surprised with a reading of 55.4, compared to the 54 forecast by economists. The news helped continue to build speculation that the Fed would shortly taper its bond purchasing. The direct impact on markets was a rise of more than 6 bps on U.S. 10-year bond yields.
The loonie is trading close to its lowest level in the past two months, due in no small part to the recent correction in crude prices. Given that energy products represent the lion’s share of Canada’s exports, investors will have to remain on the alert to see where WTI will stabilize, in order to have a better insight into short-term fluctuations in the CAD. Currently, West Texas Intermediate is trading at $94 US, down more than 15% in two months!
Today, we will be keeping an eye on Canadian Building Permits and the Ivey Purchasing Managers’ Index. South of the border, Leading Indicators and Mortgage Applications will be announced. Have a great day! Philippe Shebib
Range of the day: 1.0400-1.0490 
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NBC Daily Forex : November 06, 2013
Published 11/07/2013, 02:03 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : November 06, 2013
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