Swiss National Bank Cuts Rates to Stimulate Economy Amid Global Easing Trend

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3400-1.3500

Euro                 1.5000-1.5100

Sterling            1.7950-1.8050

WTI Oil (opening level) $67.68

The US Dollar index is marginally weaker this morning as market still settle in after the Fed interest rate cut. This morning it was the Swiss National Bank that was the latest Central Bank to cut interest rates in an attempt to stimulate their economy. Overnight Asian stocks again jumped higher as markets reacted positively to the stimulus package that the Chinese Government announced to help stimulate that flagging economy.

The Canadian Dollar gave back a little strength overnight but it is still hanging onto recent moves. It is a bit surprising that the Loonie has done so well as the oil price has dropped below $68, there is lots of chatter that Saudi Arabia will increase production to gain a larger market share which should help to keep the oil price depressed in the short-term and may prevent the Loonie from any further short-term strength.

On the calendar today we get the final US 2nd quarter GDP report and it is expected to confirm that the economy grew at 3.0% in the quarter which is up on the 1st quarter growth rate of 1.4%. There is also a number of Fed speakers on the docket today so markets will be watching for any comments on what the Fed will do in November, Stocks are poised for another strong day on the back of a jump in AI related stocks so look for the Dollar to remain trading with a weak bias.