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NBC Daily Forex: February 20

ByThe National Bank of Canada
Published 02/21/2013, 05:26 AM
Updated 05/14/2017, 06:45 AM
NWSA
-1.06%

The two Canadian indicators released yesterday had little in the way of encouragement. Wholesale Sales for December (-0.9% vs. -0.4% expected) and Foreign Securities Purchases (-1.92G vs. 6.75G) both showed that the Canadian economy slowed somewhat in the fourth quarter of 2012. These numbers point to potentially underwhelming Retail Sales figures on Friday, which may once again disappoint analysts. Despite the bad news, the loonie did not collapse, as it is supported by stock markets with the S&P500 ending the trading day at a 5-year high.

The MPC minutes from the most recent BoE meeting released this morning show that members were considering a key rate cut. The pound sterling has lost some 150 points against the greenback since the announcement.

Our attention will shift south of the border today, with the U.S. releasing Housing Starts figures, the Producer Price Index and the minutes of the last FOMC meeting that has the potential to trigger major fluctuations in the USD if members considered making changes to the quantitative easing program currently in place. Wishing you a great day!
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