Daily Forex Commentary

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February-05-12 - Market Commentary

Darren Richardson

:: US Dollar vs Canadian Dollar: The USD jumped 45 points earlier this morning as softer Canadian Employment figures were released. The Canadian Unemployment Rate rose to 7.6% highlighting signs of a possible slowdown in economic growth. The US Employment figures were also printed today with figures coming in much better than expected and helping investors to take on risk and sell the USD.

- We expect a trading range of 0.9980 and 1.0050.

:: Canadian Dollar vs Euro: The Euro followed the lead of the USD appreciating against the Loonie to 1.3200. Traders expect the 1.3240 to be significant resistance for further Euro strength.

- We expect a range today in the EUR/CAD rate of 1.3100 and 1.3200.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: Sterling has rallied against the Loonie this morning on the heels of positive UK Services PMI data, trading at the 1.5795 levels. Despite having both positive Construction PMI and Services PMI data, both numbers are not sufficient to dispel speculation of further QE in the short term. With weak Canadian employment numbers showing, the Australian Dollar has rallied further for its highest levels of the week, trading around the 1.0720 levels heading into the morning session. RBA''s rate announcement next week is still expected to provide a 0.25% cut. The New Zealand Dollar has also rallied, currently exchanging hands at the 0.8313 levels heading into the North American session.

:: Data Releases:

AUD:           No data expected today.

CAD:           Unemployment Rate.

EUR:           Euro-Zone PMI.

GBP:           PMI Services.

JPY:           No data expected today.

NZD:           No data expected today.

USD:           Unemployment Rate.

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