For the first time in seven quarters, eurozone GDP has grown over the past three months. Growth in GDP even outstripped market expectations, coming in at +0.3% rather than the anticipated +0.2%. This bodes extremely well for the Old Continent, but we aren't out of the woods quite yet. Unemployment remains at troublesome levels and the public finances of numerous eurozone members is precarious to say the least. The euro showed little movement on the news, fluctuating by only 20 points against the greenback.
Pickings are slim once again in terms of economic news in North America today. However, at 9:00 this morning, the Teranet-National Bank National Composite House Price Index for July will be released. Markets anticipate growth in prices in the order of 0,5%, down from 1,0 % the previous month. Moreover, the Canadian market will have to come to terms with the new restrictions put in place by CMHC earlier this month, capping the loan volume that can be securitized at $350 million per institution. We do not anticipate strong fluctuations in the USD/CAD pairing based on this news this morning. Wishing you a great day! Xavier Villemaire
Range of the day: 1.0300-1.0380
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NBC Daily Forex : August 14, 2013
Published 08/15/2013, 03:49 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : August 14, 2013
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