Canadian Housing Starts surprised to the upside yesterday, contrasting with forecasts for results similar to last month. This increase is tied to a very volatile component however, i.e. growth in multi-unit homes, which does not decrease concerns of an economic slowdown caused by the collapse in crude oil prices.
In Europe, the confrontation between the Greek and German governments continues to make headlines.On Monday, Germany's Minister of Finance, Wolfgang Schäuble, rejected anti-austerity requests made by Greek Prime Minister Alexis Tsiprason Sunday. Berlin and Athens are continuing to clash two days before a meeting of eurozone finance ministers in Brussels, which promises to be rocky. European stock markets have been reacting strongly to this news, while the single currency -- already at its lowest point in five years -- remained stable.
In other news, Angela Merkel, the Chancellor of Germany, continues to try and find a diplomatic solution to the Ukrainian conflict during her current North American tour.
Have a great day!
Julien Duquette
Range of the day: 1.2450 - 1.2550