This week will no doubt begin on a quieter note than the past few weeks. Investors will be waiting patiently on the sidelines for Fed Chairman Ben Bernanke’s press conference on Wednesday, and wondering whether he will attempt to reassure them with his comments.
On an overall basis, stock markets have taken a beating since Mr. Bernanke’s last remarks. Since May 22, the S&P 500 is down 2.6%, however it has still gained close to 15% since the start of the year. The USD/CAD is trading this morning within the same range as last week, while the EUR continues to rise against the greenback.
There is little of note on the economic calendar today, although we will be keeping an eye on Canadian Existing Home Sales, slated for release early today. Have a great week! Rana Karim
Range of the day: 1.0125-1.0200