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NBC Daily Forex : July 17, 2013

ByThe National Bank of Canada
Published 07/18/2013, 03:29 AM
Updated 05/14/2017, 06:45 AM

Early this morning, new Bank of England Governor and former BoC Governor Mark Carney announced his first decision in his new position. As expected by markets, his comments did not indicate any major changes in British monetary policy. Carney believes that the current situation does not require additional easing measures. The pound sterling reacted favourably to the news, rising some 125 bps compared to the previous day's level.

In Canada, we are eagerly awaiting at 10 a.m. today the first public speech by new Bank of Canada head Stephen Poloz, who should provide clarifications on the BoC's decision regarding the country's key rate. Markets do not anticipate a drastic upheaval, however, Mr. Poloz may want to promptly leave his mark on the country's monetary policy by changing when the central bank anticipates having to increase its key rate. The Canadian dollar will no doubt be affected by any change in tone from the BoC. No doubt a situation that will be watched with great interest.

Attention will also be focused on Federal Reserve Chair Ben Bernanke, who will be explaining recent Fed decisions to Congress today. Needless to say, the greenback will also be front and centre today. Wishing you a great day. Xavier Villemaire

Range of the day: 1.0350 -1.0450

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