The Canadian dollar enjoyed a good day yesterday, smashing through the 1.0080 level and moving within a hair of parity. Considering the important news scheduled for release, reviewing your hedging portfolio this morning is highly recommended.
Negative economic indicators are piling up everywhere (e.g., disappointing HSBC Manufacturing PMI numbers from China overnight), but U.S. consumers drove the CB Consumer Confidence Index up to 68.1 in April, a full 7.1 points higher than the previous month! Considering the major role that consumer spending plays in the U.S. economy, this news is as encouraging as it is surprising.
This morning, U.S. ISM Manufacturing figures will be posted and a substantial downturn is expected, from 51.3 to 50.6 or just above the limit of 50 that indicates growth rather than contraction. This index will set the table for the announcement from the Federal Open Market Committee scheduled for 2:00 p.m. which could, as is often the case, shake up markets.
Next in line will be the European Central Bank, which is expected to cut rates. Volatility ahoy! Benoit Marcoux
Range of the day : 1.0000 – 1.0080
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NBC Daily Forex: May 1, 2013
Published 05/01/2013, 02:53 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: May 1, 2013
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