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CAD Trades Close to Week’s Open

Posted by Joshua Schlebach on 6/18/20 9:17 AM

The CAD showed early gains this morning but has since retraced and is trading virtually where we opened the week. Fundamentals were mixed with the ADP Non-Farm Employment Change posting at a gain of 208,400 jobs compared to last month’s loss of 2.3M. Wholesale Sales missed the mark reporting at -21.6% vs. the expected -11.6%.

The USD is firming up but has consolidated against most of the G10 currencies even with disappointing numbers being released this morning. Unemployment Claims posted a disappointing 1.508M jobless claims compared to the expected 1.3M. The lone positive on the morning was the Philly Fed Manufacturing Index which reported at 27.5 vs. the expected -23.0.

The Euro is trading sideways again after a very uneventful overnight session. The ECB announced an increase in liquidity of 548B on the 24th of this month which should help struggling economies. Tomorrow has EU leaders discussing a further relief package for the Eurozone.                                                                                 

Equities

Equities are mostly up this morning: the Dow up 0.01%, the S&P down 0.03%, NASDAQ up 0.34% and the TSX up 0.40%. Crude Oil is up 1.21% this morning ($38.42) while Gold is down 0.25% ($1,722.62).

Dow

0.01%

S&P

0.03%

NASDAQ

0.34%

 

 

 

TSX

0.40%

Crude Oil

1.21% (38.42)

Gold

0.25% ($1,722.62)

Topics: Market Update