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NBC Daily Forex : July 04, 2013

ByThe National Bank of Canada
Published 07/07/2013, 05:12 AM
Updated 05/14/2017, 06:45 AM

The reign of Egyptian President Morsi came to an abrupt end yesterday, with the army occupying numerous strategic locations around Cairo before suspending the country's constitution and stripping the Muslim Brotherhood government of power. An interim president was then appointed by the army. How long this interim period will last is not yet clear this morning. Needless to say, international observers are monitoring the situation very closely, but markets do not appear overly nervous so far about these most recent developments. Crude gained 1.5% over the day yesterday, given Egypt's role as a linchpin in the Middle East's oil distribution network.

Due to the Independence Day holiday south of the border, very few significant economic indicators are expected today. The two most noteworthy came out this morning, as we learned that the central banks of England and the eurozone announced their respective key rate decisions. As expected by markets, both banks opted for the status quo at 0.5%. Given the current economic circumstances, it would have been surprising to see any change. Both the pound and the euro remained relatively stable against the greenback. Wishing you a great day. Xavier Villemaire

Range of the day: 1.0475 – 1.0575

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