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NBC Daily Forex : October 17, 2013

ByThe National Bank of Canada
Published 10/20/2013, 03:49 AM
Updated 05/14/2017, 06:45 AM

The bipartisan agreement was passed by the Senate yesterday and finally signed by President Obama just before the October 17 deadline. The federal government will therefore return to business as usual today, with the country able to finance its activities until January 15. Let's hope that the American political class will not push the No. 1 world economy into a similar drama three months from now. According to the S&P rating agency, the crisis will have cost the U.S. economy a minimum of $24 billion, lowering the GDP by a few points and having a significant impact on consumer confidence. The Canadian dollar benefited from the return to the status quo, and gained a few points against the greenback.

The Canadian Conservative government presented the Throne Speech yesterday. The Conservatives appear to want to defend the interests of the Canadian middle class, taking a page from the NDP's book. The impact of the measures proposed on the Canadian economy remains to be seen.

The main economic indicator expected today comes from south of the border: Initial Jobless Claims, forecast to be at 335,000 this week, down from last week's figure of 374,000. Wishing you a great day!

Xavier Villemaire

Range of the day: 1.0275-1.0375
INITIAL JOBLESS CLAIMS

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