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CAD Edges Lower to End Week

Posted by Joshua Schlebach on 6/26/20 9:17 AM

The CAD is struggling in an overall risk-off market sentiment as Covid fears around economies are resurfacing. No fundamentals again leaves the Loonie trading in line with overall market mood as well as crude prices.

The USD is up and benefiting from an overall risk averse market. Fundamentals this morning were mixed and have had little impact of the path of the greenback. Core PCE Price Index came out just ahead of the flat 0.0% forecast at 0.1% while Personal Spending missed the mark at 8.2% vs. 8.9%. Revised UoM Consumer Sentiment was a miss reporting at 78.1 compared to the expected 79.1.

The Euro is up and on track to its first weekly gain in 3 weeks. Overall trading is quiet and market participants will await next week’s discussion on the EU’s pandemic relief plan. Sideways trading is expected for the near term barring any unexpected releases.

Equities

Equities are down across the board this morning: the Dow down 2.04%, the S&P down 2.12%, NASDAQ down 1.80% and the TSX down 1.41%.  Crude Oil is down 1.91% this morning ($37.98) while Gold is also down 0.43% ($1,756.20).

Dow

2.04%

S&P

2.12%

NASDAQ

1.80%

 

 

 

TSX

1.41%

Crude Oil

1.91% (37.98)

Gold

0.43% ($1,756.20)

Topics: Market Update