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NBC Daily Forex : July 09, 2013

ByThe National Bank of Canada
Published 07/10/2013, 02:11 AM
Updated 05/14/2017, 06:45 AM
NWSA
-1.06%
DRP
0.00%
OEXP
0.00%

ECB President Mario Draghi gave a speech to the European Parliament yesterday and essentially reiterated the same points as during the press conference following its key interest rate announcement last week. The ECB’s accommodative policy (low interest rates) will be maintained for some time. It seems that Draghi, who has taken a page from Ben Bernanke and the Federal Reserve by being more transparent on the direction of interest rates, intends to drive home this message at every public appearance. The impact on the euro was mitigated however, given that this news had already been absorbed by markets.

In other European news, today is the day Latvia will adopt the euro. Time will tell if Latvians will be happy with this decision.

Last night, China released its Producer Price Index figures for June. This index posted its 16th consecutive drop: -2.7% (versus the -2.6% forecast), highlighting the wavering demand for Chinese products. Given the importance of this country on world markets, this news could weigh on North American markets when they open.

The loonie is stable for the time being, having fluctuated in a narrow 50-point range overnight, pending Canadian Housing Starts data, expected at 8:15 this morning. Wishing you a great day. Gardy Pharel

Range of the day: 1.0520-1.0590
BUILDING PERMITS

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