Disappointing economic data were not enough to sway the prevailing investor optimism on markets. The S&P 500 is approaching the high reached on January 15, after having rallied 6% since the start of February.
Things are far less rosy in Ukraine, as Standard & Poor’s has downgraded the country’s credit rating. Violent confrontations in recent days are making it difficult to reach a political solution to the crisis, and are decreasing the likelihood of financial support from Russia. Aid from Moscow is currently suspended until things calm down in the neighbouring country.
The natural gas market bears mentioning, as low temperatures in recent weeks have reduced inventory, which is at its lowest level at this time of the year since 2004. Natural gas is currently trading at a five-year high and has risen 90% in the past year.
The loonie continues to fall and is down 8% since the start of October. This morning, Canadian CPI and Retail Sales figures will be released at 8:30, with U.S. Existing Home Sales to follow at 10 a.m. Have a great day! Emmanuel Tessier-Fleury
Range of the day: 1.1110 – 1.1250
