After an excellent start to the year, profit taking weighed on financial markets yesterday. This correction stemmed from the political financing scandals in Spain and the resurgence of Berlusconi’s popularity in Italian polls. The setback was short-lived as the futures market points to a bullish opening on Wall Street.
Thursday’s ECB meeting could also have a significant impact on world markets. European credit conditions have improved substantially over the past 6 months. Spanish and Italian credit spreads for 5-year terms are at 3.36% and 2.46% respectively, nearing January lows.
This news had little impact on the euro which is still trading over 1.35 against the loonie and the greenback. The Canadian dollar remains slightly above parity against its U.S. counterpart. In economic news, we are watching for the U.S. ISM Non-Manufacturing Index figures which will be released at 10 this morning. Wishing you a great day.
Range of the day : 0.9935 – 1.0010
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NBC Daily Forex: February 05, 2013
Published 02/05/2013, 06:10 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: February 05, 2013
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