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NBC Daily Forex: March 15, 2013

ByThe National Bank of Canada
Published 03/18/2013, 12:52 AM
Updated 05/14/2017, 06:45 AM
DJI
0.52%

The U.S. dollar lost ground against most currencies yesterday, helping the Canadian dollar to show signs of life for the first time since February. USD buyers should take advantage of these rare pullbacks as in the medium term, the loonie appears vulnerable.

The European leaders’ discussions resume today. Angela Merkel appears to be more flexible regarding deficit targets, and this has been well received by markets. The Cyprus bailout plan could also make the headlines.

The currency market promises to be volatile today, as several economic indicators are expected in Canada and the United States. NY Empire State Manufacturing Index and U.S. Consumer Price Index figures were released at 8:30 this morning. Canadian New Housing Price Index figures are expected at 9:00, and U.S. Industrial Production and Michigan Consumer Sentiment Index data will be released later this morning.

It remains to be seen whether these indicators will enable the S&P500 to reach a new record high and the Dow Jones Industrial Average to post gains for the 11th session in a row. Optimism is high, as the implied volatility index (VIX) is at a 6-year low. Despite the improvement in the global economic situation, caution remains the operative word. Profit-taking would be negative for the loonie and the price of the main commodities.

Range of the day: 1.0150- 1.0250
Economic Data

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