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NBC Daily Forex : September 05, 2013

ByThe National Bank of Canada
Published 09/08/2013, 04:58 AM
Updated 05/14/2017, 06:45 AM

To no one’s great surprise, the Bank of Canada kept its key rate at 1% yesterday, and maintained the sought-after economic criteria to end the exceptionally accommodating measures currently in place. The impact on the loonie was low, judging by the fluctuation of 20 points seen in the USD/CAD pairing further to the news. However, in its announcement, the BoC mentioned a slightly less vigorous than anticipated U.S. economy, and stated that it was sticking to its domestic economic outlook despite the volatility seen in Canadian indicators of late.

Across the pond, central banks were also on the move. In keeping with everyone’s expectations, the Bank of England and the European Central Bank both held steady on their key rates. The GBP and the EUR have fluctuated by 40 points and 20 points since the announcements, with ECB President Mario Draghi fielding questions from journalists.

The economic slate is full today with the G20 summit kicking off in Russia. We can expect discussions to focus on developments in Syria. South of the border, ADP Employment Change figures, Factory Orders, Initial Jobless Claims and the ISM Non-Manufacturing PMI will all be announced today. Have a great day! Gardy Pharel

Range of the day: 1.0450-1.0530

ADP EMPLOYMENT CHANGE

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