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NBC Daily Forex : August 23, 2013

ByThe National Bank of Canada
Published 08/25/2013, 05:14 AM
Updated 05/14/2017, 06:45 AM

For more than three hours yesterday, a technical glitch shut down the NASDAQ Stock Market, which blocked trades on some of the most important U.S. companies. Quite an embarrassing situation for the world’s largest financial market!

In spite of this, good economic news out of China and the United States powered stock markets, causing them to have an excellent day. Disappointing Retail Sales figures weighed down on our loonie, however, and it continues to slide. The time is now right for USD sellers to call in orders with their traders.

After a very difficult month of August, emerging markets have stabilized this morning, with their stock exchanges bouncing back, and with gains being recorded for the currencies of some of these countries.

Some economic indicators are in the offing today, with Canadian CPI data possibly resulting in turbulence for our currency, while New Home Sales figures in the U.S. will be closely monitored, in order to gauge the strength of the real estate recovery. Wishing you a good day! Emmanuel Tessier-Fleury

Range of the day: 1.0510-1.0625

NEW HOME SALES

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