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NBC Daily Forex : March 14, 2013

ByThe National Bank of Canada
Published 03/15/2013, 06:15 AM
Updated 05/14/2017, 06:45 AM

Discussions surrounding budget cuts in the U.S. have been arduous and will pick up again today. Republicans want to reduce state spending while democrats are hoping to reduce the deficit by increasing taxes for the wealthiest Americans and eliminating tax shelters. The disparity between the parties is enormous and the budgetary impasse could continue for a long time to come.

After a difficult start to the day yesterday, U.S. stock markets ended the session slightly up. However, the situation was quite different in Toronto. Though cyclical securities struggled, the loonie remained relatively stable throughout the day.

The situation is continuing to improve in Europe. European stock markets are up with European Union leaders meeting today to find ways of restoring growth and stabilizing the region’s budgetary situation. Several countries are hoping for an extension to meet their deficit reduction targets.

In the U.S. today, Initial Jobless Claims and Producer Price Index figures as well as the government’s 30-year bond auction will bear watching closely. Wishing you a great day.

Range of the day: 1.0235-1.0305
Economic Data

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