CAD Holds on to Overnight Gains

Posted by Joshua Schlebach on 7/22/20 10:47 AM

The CAD made slight gains overnight but is trading well within the range that we saw throughout the day yesterday. Fundamental news was positive out of Canada with inflation numbers posting an encouraging 0.8% gain vs. the expected 0.4% on fuel, food and shelter costs. Core CPI reported at 0.4% up from last month’s -0.1%.

The USD is mixed with market mood taking more of a cautious stance this morning as US-China relations have been further damaged with the US ordering a closure of a Chinese consulate in Houston. News today was limited to second tier releases which failed to impress. HPI numbers fell short reporting at -0.3% vs. the forecast 0.3% while Existing Home Sales posted a narrow miss at 4.72M compared to 4.77M.

The Euro has continued to benefit from optimism and enthusiasm with regards to the Eurozone relief package that came on the weekend. Tomorrow’s PMI numbers will be important if the EUR is to maintain its current trajectory with a quiet day today with regards to news and events.

Equities

Equities are up across the board this morning: the Dow up 0.29%, the S&P up 0.17%, NASDAQ up 0.08% and the TSX up 0.06%.  Crude Oil is down 1.03% this morning ($41.49) while Gold is up 0.87% ($1,857.96).

Dow

0.29%

S&P

0.17%

NASDAQ

0.08%

 

 

 

TSX

0.06%

Crude Oil

1.03% ($41.49)

Gold

0.87% ($1,857.96)

Topics: Market Update