NBC Daily Forex : August 19, 2013
The National Bank of Canada | Aug 20, 2013 01:30AM ET
The annual retreat for Fed members in Jackson Hole, Wyoming, which begins Thursday, and the release of the minutes of the most recent FOMC meeting will be the main events that bear watching this week and will have a substantial impact on all financial markets.
The positive economic news in recent weeks has led many observers to believe that the Fed could announce a tapering in its bond buyback program at its next meeting in September. How much the program would be scaled back by will continue to be a topic of much speculation.
Since the May FOMC meeting, U.S. government 5-, 10-, and 30-year bond yields are up 0.94%, 1.23% and 1.05% respectively. The Fed's impact on currency markets has also been felt, with the greenback up against most currencies over the summer.
Little noteworthy economic news is expected this morning. The Canadian dollar is stable against the USD and futures markets are pointing to a slightly bearish opening on Wall Street. Wishing you a great day. Emmanuel Tessier-Fleury
Range of the day: 1.0295 -1.0375
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