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NBC Daily Forex : September 17, 2013

ByThe National Bank of Canada
Published 09/18/2013, 02:45 AM
Updated 05/14/2017, 06:45 AM

As the Fed kicks off its 2-day FOMC meeting today, the rising S&P500 leads us to think that investors have little fear of a potential tapering in the $85 billion injected into markets through quantitative easing. The index has closed in the green in 11 of the past 13 sessions and has gained 4% in September, its best monthly performance of the year. The Canadian dollar has certainly followed suit, rising against the greenback in 8 of the past 13 sessions, to return to the lows reached in August. Now all that remains is to wait for 2 p.m. to hear the Fed's Key Rate decision.

In the meantime, we are awaiting Canadian Manufacturing Sales figures for July. Unlike the performance of certain floundering sports teams, markets anticipate a major turnaround in this situation, with a 0.5% increase in sales compared to the previous -0.5% decline. This could bode well for both the Canadian economy and the CAD.

South of the border, we are awaiting August inflation figures this morning. Markets anticipate growth of 1.6 % in the CPI, down slightly from 2.0 % the previous month. Wishing you a great day! Xavier Villemaire

Range of the day: 1.0285-1.0380

MANUFACTURING SALES

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