CAD Trades in Range to Close out Week

Posted by Joshua Schlebach on 7/24/20 9:22 AM

The CAD lost slight ground from the highs that we saw yesterday but is trading well within the range that we have seen since Tuesday.  Equity market volatility has been the main driver this morning in an absence of fundamental releases out of Canada.  Neutral trading is expected for the near term with no first tier releases coming until next Friday’s GDP numbers.

The USD is mixed to end the week with markets focused on the continuing tensions between the US and China.  In retaliation to the closure of a Chinese consulate in Houston, China ordered a closure of a US consulate which caused Chinese stocks to fall sharply.  Fundamentals were limited today to Flash Manufacturing PMI which missed the mark at 51.3 vs. 52.0 while New Home Sales posted a beat at 776K compared to the expected 700K.

The Euro is steady and has made negligible gains with better than expected PMI numbers offsetting the overall risk off mood of markets.  Fundamentals showed the start of an overall expansion throughout the Eurozone with the economic rebound starting to get going.

Equities

Equities are down across the board this morning: the Dow down 0.27%, the S&P down 0.45%, NASDAQ down 0.63% and the TSX down 0.25%.  Crude Oil is up 0.32% this morning ($41.20) while Gold is also up 0.80% ($1,902.63).

Dow

0.27%

S&P

0.45%

NASDAQ

0.63%

 

 

 

TSX

0.25%

Crude Oil

0.32% ($41.20)

Gold

0.80% ($1,902.63)

Topics: Market Update