US Dollar Weakens Ahead of Fed Decision and Inflation Report; Euro and CAD Steady
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3700-1.3800
Euro 1.4750-1.4850
Sterling 1.7500-1.7600
WTI Oil (opening level) $77.05
The US Dollar index is marginally weaker this morning as traders get set for the double whammy of the US May Inflation report and the latest interest rate announcement from the Federal Reserve. The Inflation report is expected to show that inflation moderated a little last month with the Core year-over-year rate falling to 3.5% from 3.6% and the regular rate remaining flat at 3.4%. While improving, these numbers still remain above the 2% Fed target rate so there is little chance of an interest rate cut today. Of more importance today will be the Fed statement on how they see the rest of the year unfolding, right now the market is betting on only one cut this year so we will see how that plays out.
The Euro remains under pressure as French President Macron is set to address the nation this evening on why he called the election and his vision for the country going forward.
The Canadian Dollar is also flat today as USD.CAD opens the day near the 1.3750 (0.7273) level and its movement today will totally depend on what happens South of the border
Canadian Dollar is often referred to as "The Loonie", because of the loon bird that's featured on the $1 coin. In fact, this nickname became so popular that the Royal Canadian Mint, the coin manufacturer, trademarked it in 2006.
The Loonie was introduced in 1987 as a replacement for a paper dollar. For the most part, it was done as a cost-saving measure. The very first 11-sided Loonie coin was designed by a Canadian artist Robert-Ralph Carmichael.
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3780-1.3980
Euro 1.4850-1.5080
Sterling 1.7850-1.8090
As you may have heard on the news, as of Monday Nov 23rd both Peel Region and the City of Toronto have been placed under Lockdown.
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