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NBC Daily Forex : July 02, 2013

ByThe National Bank of Canada
Published 07/03/2013, 06:27 AM
Updated 05/14/2017, 06:45 AM

It appears that the Canadian dollar followed the lead of Canadian citizens yesterday and enjoyed a relaxing day with little volatility, in order to take advantage of one of the few sunny days so far this summer. The North American currency pairing fluctuated by no more than 40 bps over the course of the day, small potatoes given the context of the past few weeks, in which we saw a succession of days with daily peaks and valleys beyond 100 points. Why not take advantage of the lull to review your strategy with your trader?

This morning, the Reserve Bank of Australia announced its decision concerning the country's key rate at 4:30 (Eastern). As expected, the RBA opted to hold steady at 2.75%. However, the comments accompanying the decision mentioned that the economy's performance was slightly below expectations, which could lead the Australian dollar to continue tumbling on exchange markets.

At 10:00 this morning, U.S. Factory Orders for May will be released. Markets anticipate growth of 2.0%, compared to a meagre 1.0% in April. Wishing you a great day. Xavier Villemaire

Range of the day: 1.0450 – 1.0550
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