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NBC Daily Forex : August 06, 2013

ByThe National Bank of Canada
Published 08/07/2013, 01:15 AM
Updated 05/14/2017, 06:45 AM

We received “good news” from Italy over the last 24 hours. First, Silvio Berlusconi’s party confirmed that they would continue the coalition formed with the government in power. Berlusconi's four-year jail sentence for tax evasion, coupled with the tensions between his party and the one in power is making investors skittish about the strength of the government formed three months ago. The other good bit of Italian news was the GDP results released this morning: -2%, instead of the -2.2% forecast.

As anticipated by markets, the Reserve Bank of Australia lowered its key interest rate by 0.25%, bringing to 2.5%. Further to this news, the Australian dollar reached a high of 85 points against the U.S. dollar compared to its level at the end of yesterday’s session. According to the statement, the Reserve Bank of Australia will continue to analyze economic data before deciding on the future course of rates. The AUD has lost nearly 14% against the USD and 10% against the CAD since January.

No North American economic indicators are expected today. However, we will be following a speech made by Charles Evans, a strong supporter of quantitative easing and the President of the Chicago Fed, today at 1 p.m. Wishing you a great day! Gardy Pharel

Range of the day: 1.0340 -1.0415

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