FX Daily Update
The National Bank of Canada | Sep 27, 2016 08:53AM ET
Busy night in the United States
The two leading candidates for the U.S. presidency squared off last night, clashing and trading barbs in the first televised debate. According to CNN, 62% of the 521 potential voters polled thought Democrat Hillary Clinton had won, although Republican Donald Trump still scored points on questions regarding free trade agreements early on in the debate. The reaction on financial markets also appeared to give the edge to Clinton. For example, the Mexican peso, a currency that is seen as a potential loser if Trump were elected, gained close to 1.75% after the debate.
Meanwhile, the Canadian dollar was unable to catch the wave, likely due to the negative influence from the speech given by Bank of Canada Governor Stephen Poloz at Western Washington University. Poloz noted that the Canadian economy would take from 3 to 5 years to recover from the impact of low crude oil prices. The CAD not only failed to gain ground, it hit a low point since March. Calling all sellers.
Worth watching today in the United States: September Services PMI and Consumer Confidence readings.
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