| Technical Ranges
CAD, USD, EUR, GBP & JPY
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USD/CAD
Support: 0.9582
Resistance: 0.9691
CAD/JPY
Support: 85.18
Resistance: 86.34
EUR/CAD
Support: 1.3739 Resistance: 1.3841
EUR/USD
Support: 1.4250 Resistance: 1.4352
GBP/USD
Support: 1.6265 Resistance: 1.6348
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Currency Commentary
EUR, USD, CAD, GBP , JPY
EUR:
The Euro is trading sharply lower on Monday, weighed by rumours about debt restructuring in Greece, and the pair's retreat from 1.4510/25 highs last week, has extended about 130 pips lower, so far today reaching day lows right below 1.4300.
USD: No key U.S. data due today, 2 fed reps speaking at conferences may cause slight movement on the USD/CAD overall...expect the pair to continue it's choppy trends as we have seen last Friday. Currently the USD/CAD has trended bullish from the lower 0.9600 to 0.9630..
Tomorrow's Housing starts data may cause slight movement on the pair.
As mentioned last Friday, where will the USD/CAD trend too..lower 0.9600 or 0.9700 territory to end the week?
CAD: Similar to the U.S. ...no key data due from Canada today. Tomorrow's CPI numbers will move the Loonie. Equity and commodity markets are slightly weaker at present...although the USD/CAD remains at the same levels..similar to last Friday.
If the USD/CAD can break the 0.9547 support level..it will trend to the higher 0.9400 range. On the other hand, if it breaks resistance @ 0.9695..it will trend to 0.9700 range.
Our clients are placing orders similar to yesterday to buy 0.9600 and sellers higher 0.9600.
Today's range... similar to last Friday possibly higher 0.9500 to higher 0.9600
GBP:
The Pound recovery from last week lows, at 1.6225/35 was capped at 1.6370/85 on Thursday and Friday, and the pair is retreating sharply on Monday, returning below 1.6300, and giving away previous recovery to hit 1.6240.
JPY:
The Dollar retreat from multi-month highs at 85.50 on early April has extended on Monday, with the Yen stronger on a risk aversion environment to break below 82.95/00 support area reaching fresh 2-week lows at 82.60.
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" Debt restructuring would be catastrophic: Greek central bank "....
" It would have catastrophic consequences ".....
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A Greek debt restructuring is not needed and would be catastrophic for the country, hitting bank and pension fund assets and closing off access to capital markets, the head of its central bank said on Monday.
Under increasing pressure from markets speculating that a restructuring is on the cards, Athens has repeatedly denied it plans to cut a deal with its international lenders.
EU and IMF officials have also issued denials, but yield spreads of Greek government bonds over German bunds have continued to hover around record highs.
“The Bank of Greece has explained with clarity since last October that such a (restructuring) option is not necessary, nor desirable,” Bank of Greece Governor George Provopoulos said in a report to shareholders.
“It would have catastrophic consequences.”
A finance ministry official earlier denied a Greek media report the country had already requested restructuring talks with the EU and IMF.
Mr. Provopoulos, also a European Central Bank Governing Council member, projected gross domestic product (GDP) will contract by 3 per cent or slightly more this year as the country’s 230 billion euro economy stays in recession for a third straight year.
The economic downturn is expected to drive unemployment above 15 per cent while credit expansion to the private sector will stay negative this year, he said.
Mr. Provopoulos said lower unit labour costs would help competitiveness, with the country’s current account deficit shrinking below 9 per cent of GDP, helped by an exports recovery and lower imports.
Consumer inflation is projected to slow from last year and average out at 3.25 per cent.
Article provided via The Globe and Mail
http://www.theglobeandmail.com/report-on-business/economy/debt-restructuring-would-be-catastrophic-greek-central-bank/article1989178/
" CAD - Foreigners ditch Canada bonds, buy stocks "..
" Canadians bought $2.6 billion in foreign securities " ...
Foreigners sold Canadian bonds on balance in February for the first time since December, 2008, while continuing to snap up Canadian stocks, Statistics Canada said on Monday.
Their net purchase of $2.5-billion of Canadian securities was the lowest since March 2010 and was down from $13.4-billion in January.
Foreign investors sold $1.6-billion in Canadian bonds in the month. They sold $5.0-billion of federal government bonds on the secondary market, focusing on shorter-term-to-maturity bonds, Statscan said. They partly offset this by buying $3.6-billion in federal government enterprise bonds.
Foreigners bought $4.9-billion in Canadian stocks, the highest level since May 2010 and up from $1.4-billion in January 2011.
Canadians bought $2.6-billion in foreign securities. This included $2.3-billion in U.S. government bonds, across the maturity spectrum except for the five-year benchmark bond. They also made modest sales of corporate bonds and small purchases of foreign stocks and money market paper.
Article provided via the Globe and Mail
http://www.theglobeandmail.com/globe-investor/foreigners-ditch-canada-bonds-buy-stocks/article1989267/
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| Main USD/CAD data today: |
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1. USD - No relevant data.
2. CAD - No relevant data.
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