Market Snapshot: Record Highs, Tariff Worries, and Pre-Holiday Calm

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3950-1.4150

Euro                 1.4710-1.4920

Sterling            1.7650-1.7860

WTI Oil (opening level) $69.16

The CAD is opening at 1.4057 ( 0.7114)

Key points today

·    Equities: US stocks hit record highs, Europe and Asia slipped on renewed tariff concerns

·    Volatility: VIX near July lows, with subdued moves ahead of key economic data

·    Currencies: RBNZ cuts interest rates 50 bps, but provisional guidance for more cuts boosts NZD. JPY powers higher on soft bond yields.

·    Commodities: Gold rebounds; crude awaits OPEC+ meeting; cocoa and coffee rally continues

·    Fixed Income: French bonds lag as yield premium versus Germany hits 12-year high, Fed signals cautious rate cuts

·    Macro events for today: US Weekly Initial Jobless Claims, US Q3 GDP figures revision, US Oct PCE Index and Core PCE Price Index 

We have the Thanks Giving holiday tomorrow in the USA, so the majority of the nation is now focused on food, family and Black Friday deals. And the markets in the USA will be closed. I would not expect a massive move in the markets for the rest of the week.