Investing.com - Financial Markets Worldwide

NBC Daily Forex : July 10, 2013

ByThe National Bank of Canada
Published 07/11/2013, 02:20 AM
Updated 05/14/2017, 06:45 AM

Yesterday, Standard & Poors downgraded Italy's credit rating from BBB+ to BBB, with the possibility of further downgrades. S&P justified its decision by citing the country's structural problems and diminished growth. Certainly not good news as Rome prepares to auction €16 billion in bonds and T-bills.

The IMF scaled back its prediction for global growth by 0.2%, bringing it to 3.1%. South of the border, the IMF anticipates growth of 1.7%... In other words, nothing to write home about.

In other U.S. news, the Fed will release the minutes of the June 18-19 FOMC meeting at 2 p.m. Significantly, it was after this meeting that the greenback began its recent surge. The potential slowdown in the pace of asset purchases is on everyone's mind of late, and investors will go over the report with a fine-tooth comb to try and find hints of when the tapering from easing measures will come. Fed Chairman Bernanke will also give a speech on economic policy today at 4:10 p.m. in Boston.

While we await the outcome of these important developments, the USD/CAD pairing is down slightly this morning, but remains within the range seen since the beginning of July. With high potential volatility, contact your trader to discuss order levels. Wishing you a great day. Gardy Pharel

Range of the day: 1.0475-1.0540

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