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NBC Daily Forex : August 02, 2013

ByThe National Bank of Canada
Published 08/04/2013, 04:34 AM
Updated 05/14/2017, 06:45 AM

Yesterday was certainly eventful in the political arena. Former Italian Prime Minister, Silvio Berlusconi's prison sentence was upheld, Spanish Prime Minister, Mariano Rajoy stated that he would remain in his position despite the recent corruption scandal plaguing his party's treasurer and Russia granted temporary asylum to Edward Snowden, much to the chagrin of the White House. Despite these developments, the S&P 500 managed to reach historic highs, yesterday. Meanwhile, the loonie lost a few feathers in the turmoil, dropping some 125 points against the greenback since the month began.

This morning, all eyes are turned to the United States, where Nonfarm Payrolls for July will be announced at 8:30. After yesterday's Initial Jobless Claims came in well below the anticipated 345,000 at 326,000, many analysts are hopeful leading up to today's announcement. Markets are anticipating some 185,000 new jobs, which would drop unemployment to 7.5%. A positive surprise would give an additional boost to the greenback. Wishing you a great weekend! Xavier Villemaire

Range of the day: 1.0340 -1.0440
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