Foreign Exchange And Derivative Update
The National Bank of Canada | Mar 28, 2013 01:21PM ET
- After being closed for nearly two weeks, Cypriot banks are set to reopen today at 6 p.m. local time (12 EST), but with strict controls in place to avoid a massive capital flight from the banking system. The main restrictions are as follows:
- A 300-euro withdrawal limit per person per day.
- Cypriots studying abroad will not be able to receive more than 10,000 euros per semester.
- Individuals leaving the country will be limited to only 3,000 euros in cash.
- Canadian and U.S. GDP figures are expected at 8:30 this morning. Economists are forecasting growth of 0.5% and 0.9% respectively (YoY). It should be noted that the last release of Canadian GDP data had been disappointing, the economy having grown by only 0.8%. This represented the lowest level posted since the 2008-2009 recession. With the importance of these two news items and the little liquidity expected today, and given that tomorrow is Good Friday, it is possible that the currency market will react strongly to any data that will not be in line with expectations.
- We will be closed tomorrow but back on Monday to assist you with your business needs. Have a great weekend! Gardy Pharel
- Range of the day: 1.0130 - 1.0230
- Range of the next 5 days:1.0075 - 1.0400
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