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Thursday, 9 September 2010 - Market Commentary

:: US Dollar vs Canadian Dollar: The Canadian Dollar powered to 1.0325 as the market continues to react very positively towards yesterday’s Bank of Canada rate decision. The BOC increased the official rate to 1% luring many Loonie buyers looking to take advantage of higher risk free yields in Canada. Tomorrow the Canadian Unemployment figure will be released. If the employment figures are better than market expectations we will see the Loonie strengthen further.

- We expect a trading range of 1.0250 and 1.0380.

:: Canadian Dollar vs Euro and Japanese Yen: The Euro was unable to get out of the way of the charging CAD slipping to 1.3150, its lowest level in 3 weeks. The Japanese Yen opens the session at 81.16 as investors await tonight''s all important Japanese Gross Domestic Product.

- We expect a range today in the EUR/CAD rate of 1.3100 and 1.3250.

:: Canadian Dollar vs British Pound, Australian Dollar and New Zealand Dollar: The Sterling is trading lower today on the back of negative trading balance data with a drop in exports. Today’s BoE meeting left the bank rate and QE asset purchase target unchanged as expected. The Aussie is trading higher this morning on the back of better than expected Unemployment figures. Unemployment came in 0.1 % lower than expected. The New Zealand Dollar followed the Aussie Dollar higher to 0.7505.

:: Data Releases:
  • AUD: Foreign Reserves Australia.
  • CAD: Housing Starts, International Merchandise Trade.
  • EUR: German Consumer Price Index.
  • GBP: Bank of England Interest Rate Decision.
  • JPY: Gross Domestic Product.
  • NZD: Terms of Trade.
  • USD: Trade Balance.

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