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NBC Daily Forex : October 02, 2013

ByThe National Bank of Canada
Published 10/03/2013, 01:24 AM
Updated 05/14/2017, 06:45 AM

Contrary to what many observers would have thought, the partial shutdown of the U.S. government so far has had only a limited impact. U.S. stock markets made substantial gains yesterday, but the futures market is pointing to a bearish opening this morning.
Federal institutions remain paralyzed, as neither political party appears ready to break the stalemate. Given this context, the upcoming debate later this fall on the raising of the debt ceiling could be extremely acrimonious. Unlike other countries, the U.S. debt ceiling must be raised on a regular basis.

On an unrelated topic, over the past six months, it is interesting to note that the pound sterling has posted the best performance against the Canadian dollar, gaining 9.3%. Mark Carney's job heading the BoE is having an impact, and he recently stated that it is not necessary to step up the pace of the central bank's bond purchasing program. The euro has also performed well against the loonie, gaining 7.5%.

On the economic front, ADP Employment Change figures and the ISM-New York Report on Business will be worth watching today. Wishing you a great day!

Emmanuel Tessier-Fleury

Range of the day: 1.0290-1.0385

ADP EMPLOYMENT CHANGE

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