FX Daily Update
The National Bank of Canada | Jul 20, 2016 09:06AM ET
As was the case Monday, U.S. economic news yesterday was reassuring for the real estate sector (Housing Starts and Building Permits) and lends further credence to the idea that markets may be wrong in not yet fully discounting any key rate increase from the Fed in 2016 and 2017. We’ll be keeping a close eye on any adjustments that could result in a rising USD. Crude oil (WTI) continued to slowly slide toward $44.50, after trading at around $50 in late June/early July.
The euro is not in top shape, still suffering the after effects of Brexit and hindered by the state of the economy of certain EU members, with many articles and substantial analysis currently being published about the relatively precarious situation in Italy, making the ECB meeting tomorrow morning one to watch closely. Any new easing measures would bring down the single currency!
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