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NBC Daily Forex : July 12, 2013

ByThe National Bank of Canada
Published 07/14/2013, 04:22 AM
Updated 05/14/2017, 06:45 AM

The Chinese government is still trying to lower expectations for its growth. The most recent attempt came overnight via Finance Minister Lou Jiwei. He recently announced that he anticipated GDP growth of 7% this year, well below the forecast 7.5%. In other words, things are certainly not looking up as we await the official GDP results on Sunday.

Closer to home, the Bernanke effect was definitely in evidence yesterday, as the S&P 500 and the Dow Jones both reached all-time highs, at 1,675.02 and 15,460.92 respectively.

The currency market was calm overnight, with the greenback rallying to win back part of its losses in recent sessions against the euro and the Australian dollar. Meanwhile, the loonie held its own, soaring to levels last seen in mid-June. On the week, the U.S. dollar lost 1.3%, as measured by the DXY Index, which compares the greenback to a basket of six foreign currencies including the euro and the Canadian dollar.

Today, we are awaiting Producer Price Index and University of Michigan Consumer Sentiment figures, as well as a speech by Federal Reserve member John Williams in Vancouver. Why not take advantage of the lull to discuss your hedging needs with your trader? Have a great weekend! Gardy Pharel

Range of the day: 1.0325 -1.0435

Currency

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