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NBC Daily Forex : October 16, 2013

ByThe National Bank of Canada
Published 10/20/2013, 01:43 AM
Updated 05/14/2017, 06:45 AM

The agreement that was to come out of the Senate and be approved by the House was unable to garner sufficient support yesterday, meaning we're back to the drawing board for what's shaping up to be a long day of negotiations. Certain analysts are even looking into the various options available to Washington to allow the country to make required debt payments, notwithstanding the fact that the debt ceiling has not been raised from its current level ($16.7 trillion). It would no doubt be more reassuring for markets to see the U.S. political system working productively and reaching a solution to the impasse before tonight's midnight deadline. Were an agreement to be reached, the greenback would very likely lose some of the gains it has recorded in recent days as a safe haven in crisis situations.

U.S. mortgage applications for the week of October 11 were scheduled to be released at 7:00 a.m. today and came in down 0.3% compared to 1.3% the previous week. It appears the political wrangling in Washington is having an impact not only on international fund providers, but also the average American.

Canadian August Manufacturing Sales figures will be released this morning. Markets anticipate growth of 0.2%, compared to 1.7% in July, a reading that would not augur well for the Canadian economy. Wishing you a great day! Xavier Villemaire

Range of the day: 1.0330-1.0420
MANUFACTURING SALES

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