At home, tax season is almost over and focus is shifting to the Stanley Cup playoffs. Meanwhile, in Italy, the new Prime Minister announced a change in focus: instead of just implementing austerity measures, they will also support economic growth. Enrico Letta stated that "Italy is dying from austerity alone. Growth policies cannot wait." Ironically, bond markets, which were in favour of austerity measures until quite recently, reacted positively to the news: 10-year bonds traded at 3.94% yesterday, the lowest level in two and a half years.
The inflation rates of Germany and the eurozone (1.2%) released this morning are at a three-year low, leaving the door wide open for the ECB to lower its key interest rate on Thursday. This does not bode well for the euro.
Forecast to be up 1.3%, Canada’s GDP figures for February will be released this morning. The loonie, which has been carried by rising oil prices over the last few days, should react to this news. However, all eyes are now on the Federal Reserve which will be the main influence on the USD/CAD pairing, and reactions could escalate by the end of the week. Benoit Marcoux
Range of the day : 1.0080 – 1.0180
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NBC Daily Forex: April 30, 2013
Published 05/01/2013, 07:34 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: April 30, 2013
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