FX Daily Update : September 22, 2014
The National Bank of Canada | Sep 22, 2014 08:47AM ET
Most markets are down this morning, because of concerns stemming from the low level of Chinese growth. Lou Jiwei, the Minister of Finance, stated that he was worried by the low growth experienced in Asia, but that China is not necessarily planning on adjusting its economic policies. This has caused commodity stock prices to plummet, and in turn impacted the currencies of producing countries. The loonie has not been spared, losing some 50 basis points against the greenback this morning.
This morning, the main economic indicator will come at 10:00 a.m., with the release of U.S. Existing Home Sales (August). The market is forecasting a 1.0% increase, whereas it had been 2.4% for the previous month. This topic was recently raised at the G20 meeting in Australia, i.e. how low interest rates are not producing expected growth, while increasing financial risk. Lastly, at 9:45 p.m. we will have the HSBC Purchasing Manager Index, with the reading forecasted for the equilibrium mark of 50.0, meaning no rise and no decrease.
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