Stock markets suffered yesterday as the first case of Omicron was reported in the US

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

US Dollar             1.2750-1.2850

Euro                     1.4500-1.4600

Sterling                1.7050-1.7150

The US Dollar index is for the most part stable at the moment as yesterday the worlds stock markets suffered through another tough day. News that the US has discovered their first case of Omicron came out yesterday and that helped to turnaround an initial jump for equites to start the day. Markets will continue to watch the development of Omicron and various government's to see just how difficult it will be to curb.

Of interest to me is the developing situation in Turkey and the drop in value of the Turkish Lira. President Erdogan today replaced his finance minister as he opposed the government's policy of keeping interest rates low to stimulate the economy, the problem with this policy is that inflation is running at 20% which will destroy that economy. It wont be long before there will be civil unrest in Turkey, the country cannot sustain this level of inflation.

The Canadian Dollar had a tough day yesterday as USD.CAD opens the day back above the 1.2800 (0.7813) level, the Loonie is a bit weaker in an overall quiet market on the back of the oil price that dropped steadily yesterday to trade at $65.20 at one point. OPEC will announce their decision on production later today so the Loonie and oil markets may see some more volatility as the day wears on.

Nothing of note on the economic calendar today, with stocks pointing higher to start the day currency markets should remain range bound ahead of tomorrow's US employment numbers.