Morning Report: 06.30 London
- This morning, markets are generally quiet, but the Canadian dollar is under pressure with left wing Justin Trudeau set to become the country’s new PM. Canadians have reacted both against the economic problems created by low oil prices and the overreliance on oil for the economy.
- Elsewhere, markets are quiet with the euro unchanged and the dollar index ever so slightly on the back foot.
- The Australian dollar has a slight positive bias after the release of the minutes from the last RBA meeting.
Coming up today:
- This morning, we have BOE Governor Carney speaking at 11.00.
- This is followed by US building permits at 13.30, released alongside housing starts and Canadian wholesale sales.
- Then the FOMC comes under focus with member Dudley speaking at 14.00, Powell speaking at 14.15 and Yellen speaking at 16.00.
Trade Idea:
- It will take decades, perhaps years for the Canadian economy to balance away from oil prices. If oil prices continue to hover around the ‘new normal’ of $50 then the USD/CAD could well see further upside from here.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
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