The day after the long Labour Day weekend marks many things: back to school, the resurgence of traffic on the roads, increased business activities and, more action on the markets!
The shorter work week will be full of economic news that are likely to result in currency fluctuations; for details, consult the first page of the weekly FX Snapshot that will be released this afternoon.
Overnight, HSBC China Manufacturing PMI figures were released at 51 (versus the 50.3 forecast), the highest level since May 2012. Asian and Australian stock markets benefited from this news, closing the session in the green.
Concerns over the situation in the Middle East are ongoing, with Israel confirming that they participated in missile testing in the Mediterranean. As a result, Brent crude oil prices are up by 0.6%.
The USD/CAD pairing remained in the same range observed since last week. The BoC's Key Rate Decision announced tomorrow and U.S. and Canadian employment data released on Friday will be the news that will affect this pairing the most. In the meantime, we will be watching ISM Manufacturing Index data released south of the border at 10:00 a.m. today. Wishing you a great day! Gardy Pharel
Range of the day: 1.0485-1.0565