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NBC Daily Forex : March 26, 2013

ByThe National Bank of Canada
Published 03/27/2013, 05:03 AM
Updated 05/14/2017, 06:45 AM
GEDI
0.00%

Yesterday, shortly after our daily commentary was posted, Jeroen Dijsselbloem, President of the Eurogroup, added fuel to the fire by telling the media that the Cyprus deal would serve as a model to resolve the banking crisis. A few hours later, Dijsselbloem, who has only been in his position since January, reneged on his comments in a statement. However, the damage was done and the euro lost over 100 points against the U.S. dollar during the day. These comments cast doubt over the willingness of European leaders to implement the highly coveted banking union. We took advantage of relative calm of the European crisis: markets were under the assumption that Europe was headed toward the banking union, with one supervisor (ECB) and the establishment of a fund, the European Stability Mechanism (ESM), to come to the aid of ailing banks. This assumption has been challenged.

Two members of the ECB trying to put the pieces back together came out publicly this morning to refute Mr. Dijsselbloem’s comments. Until now, the loonie has not moved much (staying within a 50-point range).

Durable Goods Orders figures are expected at 8:30 this morning followed by the CB Consumer Confidence data at 10:00. Wishing you a great day! Gardy Pharel

Range of the day: 1.0165 - 1.0230

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