We recently learned that Japan's central bank would maintain its expansionary monetary policy, which aims to reinvigorate the country's economy by keeping the yen low to favour exports, and by holding inflation stable near 2%. Interestingly, the Nikkei is up close to 60% since mid-November, when it was far more certain that Shinzo Abe would win the election and implement his plan to bolster the Japanese economy.
The main economic announcement of the week was scheduled Friday morning at 8:30, when observers will carefully scrutinize U.S. GDP figures for the first quarter of 2013. Markets anticipate a solid improvement in economic growth, which should increase to 3.1% from 0.4% the previous quarter. The week will wrap up with the release of the Michigan Consumer Sentiment Index for April. The consensus is the Index will come in at 73.5, also an improvement from the previous month's 72.3. With two potential positive developments for our neighbours to the south this morning, this could very well mean good news for both the Canadian economy and the loonie. Wishing you a great weekend! Xavier Villemaire
Range of the day: 1.0150 - 1.0250
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NBC Daily Forex: April 26, 2013
Published 04/26/2013, 06:30 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: April 26, 2013
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