The world awaiting the outcomes of Biden’s visit to Israel

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

US Dollar        1.3600-1.3700

Euro               1.4375-1.4475

Sterling          1.6600-1.6700

WTI Oil (opening level) $88.60

The US Dollar index is unchanged this morning as the world watches the visit by President Biden to Israel, with both sides denying the bombing of the hospital and Iran calling for an oil embargo on Israel, markets are still awaiting to see if the conflict expands to other regions. Overnight the big news was that China reported that their economy expanded 1.3% in the third quarter which was better than previously expected, the Dollar slipped a little on this news but for the most part it was able to hold onto recent strength.

The Canadian Dollar is also unchanged against the US Dollar but did lose a little ground to the other currencies overnight. I missed this yesterday on the calendar but the Canadian CPI report for September was released and it showed a definite slowdown in the inflation are with a -0.1% drop, the year-over-year rate dropped to 2.8% so that is the lowest the rate has been in some time. The Loonie initially lost about 50 points but it was able to recover that quickly so overall not a bad performance from our Dollar.

After a positive day yesterday, stocks are poised to fall off today as they did in Asia overnight, lots of different Federal Reserve members are giving speeches so the markets will be watching for any hints for next month's meeting. For today, markets should remain steady ahead of any news from Israel.