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NBC Daily Forex : May 29, 2013

ByThe National Bank of Canada
Published 05/29/2013, 04:03 AM
Updated 05/14/2017, 06:45 AM
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Currency markets saw renewed activity yesterday. Take for example the EUR/USD pairing, which fluctuated by some 100 points in favour of the greenback over the course of the day, only to then correct by as much overnight. The loonie has not been spared from the wave of support bolstering the U.S. dollar, with the USD/CAD pairing reaching levels not seen since June 2012. It's not just FX markets that have returned with a vengeance from the long weekend south of the border, the S&P500 opened the day up sharply and eventually closed with a 0.65% gain. Meanwhile gold lost close to 1%. In a word, the current order of things appears to be called into question.

This morning, the Bank of Canada will be announcing its decision regarding the country's key rate. Although the market expects the rate to remain unchanged at 1.00%, this will still be an important press conference, as it will mark the Bank's last official communication with Mark Carney at the helm. Given the heightened volatility in recent days, we are keeping a watchful eye on the statement that will accompany the BoC's decision. Most analysts expect Mr. Carney to stay the course before turning over the controls to his successor, Stephen Poloz. However, Carney may be tempted to tweak the wording of the statement to give more leeway to Mr. Poloz and leave his mark one last time on Canadian monetary policy. No doubt a situation that will be watched with great interest today. Wishing you a great day! Xavier Villemaire

Range of the day: 1.0325 - 1.0425

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