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NBC Daily Forex : October 09, 2013

ByThe National Bank of Canada
Published 10/10/2013, 01:09 AM
Updated 05/14/2017, 06:45 AM

Housing Starts figures for September were higher than expected, a 5.3% increase vs. August data. However, this news was not enough to counter the effect of the dark political cloud south of the border. Consequently, the loonie lost nearly 0.5% and stock markets dropped by over 1%.

We have learned that President Obama will announce that Janet Yellen will be nominated as successor to Ben Bernanke as Chair of the Federal Reserve at 3 p.m. today. Ms. Yellen is 67 years old and should take up her duties at the end of the current term, on January 31, 2014. She has been Vice Chair of the Fed since 2010 and is expected to maintain current accommodative measures.

The release of several economic indicators has been postponed because of the U.S. government shutdown. We are anxiously awaiting U.S. employment figures for last month, which theoretically should be released tomorrow.

Today, we are watching for the minutes of the FOMC meeting, which hopefully will shed some light on the possible tapering of bond purchases. Currently, the Fed is buying $45 billion in t-bills and $40 billion in mortgage-backed securities on a monthly basis. Philippe Shebib

Range of the day: 1.0330-1.0420
Minutes de la FED

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