Stock markets rose sharply yesterday, after the Fed announced that it would hold off on any changes to its current quantitative easing program. U.S. bond markets will therefore continue to receive an injection of $85 billion every month, so that the Fed can keep interest rates at rock-bottom levels to support the economic recovery that appears to be taking hold. Judging by the statement that accompanied the news, the Fed does not appear in any kind of a hurry to take its foot off the gas. The S&P500 responded by reaching a new all-time high of 1729 yesterday. FX markets also reacted, with the greenback losing ground against most major currencies. At the end of the trading day, the loonie had gained close to 0.75% against its U.S. peer, its best performance in 13 days.
Canadian Wholesale Sales data for July are expected today at 8:30 a.m. Markets are anticipating them to be up 1.2%, compared to the troubling -2.8% decrease in June. This could augur well for the CAD, which doesn't appear to need much help to gain ground against the USD.
South of the border, we will be keeping an eye on weekly Initial Jobless Claims. Markets anticipate a reading of 330,000, a worrisome surge from the 292,000 seen the previous week. Wishing you a great day!
Xavier Villemaire
Range of the day: 1.0150-1.0250
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NBC Daily Forex : September 19, 2013
Published 09/22/2013, 03:52 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : September 19, 2013
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