NBC Daily Forex : October 07, 2013
The National Bank of Canada | Oct 08, 2013 01:18AM ET
This morning, European stock markets and S&P 500 futures are down by close to 1%, due mainly to the failure to reach an agreement in Washington over the weekend. The U.S. government has been shut down for a week now, and House of Representatives Speaker John Boehner has insisted that he will not raise the nation's debt ceiling until President Obama opens negotiations on the budget. Democrats and the Republicans have until October 17 to reach an agreement, or the country will hit its debt ceiling and no longer be able to borrow funds.
The British pound is up against the US dollar, this morning, as the publication of a report revealed last night that the financial industry in the UK has reached a peak of 17 years in the last quarter. The currency is trading at 1.6091 and is at the top of the range of the past two years.
On our side of the border, Building Permits figures for August will be released at 8:30 this morning. Analysts expect a decline of 7.4%, well below the +20.7% seen in July. Wishing you a great week! Philippe Shebib
Range of the day: 1.0275-1.0375
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