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NBC Daily Forex : July 03, 2013
By The National Bank of CanadaCurrenciesJul 04, 2013 03:44AM ET
www.investing.com/analysis/nbc-daily-forex-:-july-03,-2013-174054
NBC Daily Forex : July 03, 2013
By The National Bank of Canada | Jul 04, 2013 03:44AM ET World stock markets turned red this morning. The drops in Asia and Europe are considerable, with the Nikkei down 1.5% and the Euro50 losing 1.75%. In North America, futures are pointing to a 0.5% downturn at the opening bell. The only good news is from crude oil, with the price up 1.9% owing mainly to the turmoil in Egypt. In short, investors are in for some action before the U.S. Independence Day holiday tomorrow.
Early this morning, we learned that European Retail Sales dipped only -0.1% on an annualized basis in May. Markets had expected a decline of -1.9%. However, this news does not appear to have had a material impact on the EUR/USD pairing, which is now at its lowest level in the past 30 days.
On our side of the pond, we are awaiting the release of Trade Balance data this morning in Canada and the U.S. Markets are forecasting an increase in the Canadian trade deficit, which is expected to rise from $-0.57B to $-0.7B in May. South of the border, the U.S. trade deficit should be trimmed slightly from $-40.3B to $-40.1B. We are also awaiting U.S. Initial Jobless Claims figures for last week. Markets do not anticipate a major change, with the estimate remaining at 345,000. Wishing you a great day. Xavier Villemaire
Range of the day: 1.0495 – 1.0600
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NBC Daily Forex : July 03, 2013
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