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NBC Daily Forex : May 31, 2013

ByThe National Bank of Canada
Published 05/31/2013, 03:07 AM
Updated 05/14/2017, 06:45 AM

Early Friday morning, we learned that eurozone unemployment had risen to 12.2% in April, a new high. There are now some 19.4 million job seekers on the Old Continent. Even more concerning, EU youth unemployment is now at 24.4%. The economic fallout of having such an abnormally high number of young people twiddling their thumbs, including an erosion of work and social skills, as can be seen from the recent demonstrations in Sweden, will no doubt continue to be felt in the years to come. The single currency lost ground against the greenback, partially reversing the breakthrough seen over the past three days.

March GDP figures were released on Friday. Markets anticipate growth of 1.5% in the Canadian economy, down slightly from 1.7% the previous month. Despite the expansionary measures taken by the BoC, it appears that the Canadian economy is struggling to generate convincing growth, while our neighbours to the south appear to be picking up speed. In the absence of strong domestic growth, we can at least hope that our companies will be able to tap into the upswing south of the 49th parallel. Wishing you a great weekend! Xavier Villemaire

Range of the day: 1.0295 - 1.0390

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