FX Daily Update
The National Bank of Canada | Jan 04, 2017 10:54PM ET
Growth in U.S. manufacturing activity
Data released yesterday morning showed the strongest growth in U.S. manufacturing activity in close to two years, a reading that was well received by investors and helped support the U.S. dollar, which ended yesterday’s session at its highest level in nearly 14 years. The Canadian dollar is rising this morning, with crude oil prices nudging upward after shedding close to 3% yesterday.
Donald Trump’s influence is already being felt, with Ford announcing that it would cancel expansion plans at a plant in Mexico in favour of a significant investment in its Michigan facilities. This announcement weighed down the Mexican peso, which has dropped 12% since October 31.
While we await Friday’s U.S. jobs figures, we’ll be keeping an eye on the minutes of the most recent FOMC meeting held on December 13 and 14, which will be released at 2 p.m. A great deal of volatility is therefore to be expected today on currency markets. Given this context, it may be wise to place orders with your trader.
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