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NBC Daily Forex : October 10, 2013

ByThe National Bank of Canada
Published 10/11/2013, 05:49 AM
Updated 05/14/2017, 06:45 AM

Latest news indicates that Democrat leaders in the Senate and house Republicans would be inclined to raise the debt ceiling to $16.7 trillion. Several strategic meetings are scheduled for today. House Republicans are meeting at 10 this morning and Senate Democrats will convene with President Obama this afternoon. Even if they all come to some agreement, it would only be a short term fix. Stock markets appear to be responding well to these early negotiations with the S&P 500 Futures Market up 1% at 8 this morning.

The U.S. government shutdown does not only have an impact on financial markets with the reduction of global wealth. In addition, most economic indicators, including Retail Sales, employment figures and Producer Price Index, which were slated to be released this week, have theoretically been postponed to October 15.

Employment data for September were released last night, not from the U.S. but rather from Australia! At a surprising 5.6%, the unemployment rate was 0.2% lower than the previous month. The number of jobs created was 9,100, or 6,000 less than forecast. The Australian dollar reacted little to this news and is still trading around 0.9430 against the greenback.

This morning, we can still expect the release of Initial Jobless Claims from south of border, which analysts forecasts will be 311,000. Wishing you a great day! Philippe Shebib

Range of the day: 1.0340-1.0430

Intial Jobless Claims

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