NBC Daily Forex : July 16, 2013
The National Bank of Canada | Jul 17, 2013 06:16AM ET
It is not just in Quebec that corruption scandals are rocking the political arena. In Spain, there are growing calls for Prime Minister Mariano Rajoy to step down after revelations that he accepted illicit payments while he was minister. Rajoy shows no signs of relinquishing power but, if the recent situation in Quebec is any indication, public pressure is unlikely to abate. The euro does not seem to be too affected by the news this morning.
Several North American indicators are expected today. U.S. Consumer Price Index figures will be released at 8:30 this morning. Markets are forecasting an annual rate of 1.6% for June compared to the previous month’s 1.4%, well below the Federal Reserve’s target rate of 2.0%.
We are also expecting Canada’s Manufacturing Sales data for May at 8:30 a.m. Markets anticipate an increase of 0.8%, versus the drop of -2.4% posted in April. Finally, U.S. Industrial Production and Capacity Utilization figures will be released at 9:15 a.m. They are not expected to vary much, from 7.6% in May to 7.7% in June. In short, many indicators that could pull the loonie out of the relatively narrow spread in which it traded overnight. Wishing you a great day. Xavier Villemaire
Range of the day: 1.0380 -1.0480
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