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Daily Forex Commentary
Thursday, 18 March 2010 - Market Commentary:: US Dollar vs Canadian Dollar: The USD/CAD continued its fall lower to 1.0070, the lowest level since July 2008. Overnight the pairing remained quite ranging between 1.0095 and 1.0135. The US CPI inflationary data was released today with figures printing slightly lower than market expectations ensuring markets will not be anticipating any rate increase for the US in the near future.
- We expect a trading range of 1.0050 and 1.0150.
:: Canadian Dollar vs Euro and Japanese Yen: The Euro has been under pressure earlier this morning slipping to 1.3810 as concerns surrounding the Greece situation pull the Euro lower. Greek officials stated today that they were not confident of receiving support from other EU members and that the IMF may need to step in. The Japanese Yen remained unchanged, currently changing hands at 89.35.
- We expect a range today in the EUR/CAD rate of 1.3800 and 1.3900.
:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The British Pound has been unable to hold its head above 1.5500 retreating to 1.5450. The Australian Dollar strengthened to 0.9325 overnight as confidence in the commodity currencies continues. The New Zealand Dollar followed the lead of the Aussie higher to 0.7235.
:: Data Releases:
- AUD: No data expected today.
- CAD: International Securities Transactions.
- EUR: Euro-Zone Current Account.
- GBP: Major Banks Mortgage Approvals.
- JPY: All Industry Activity Index.
- NZD: Credit Card Spending.
- USD: Consumer Price Index, Current Account, Leading Indicators.
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