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The euro was strengthened due to hot regional inflation reports, while the British Pound got some advantage from the agreement on Northern Ireland Brexit Protocol


28.02.2023
The euro was strengthened due to hot regional inflation reports, while the British Pound got some advantage from the agreement on Northern Ireland Brexit Protocol

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

US Dollar         1.3550-1.3650

Euro                 1.4350-1.4450

Sterling            1.6400-1.6500

 

WTI Oil (opening level) $77.07

The US Dollar index is marginally weaker this morning as both the Euro and Pound jumped a little higher overnight in response to market developments. In the EU, a couple of regional inflation reports came in hotter than expectation which is leading investors to consider higher interest rates from the ECB. Meanwhile in the UK, an agreement in principle has been reached on the Northern Ireland Brexit Protocol, the deal still needs to be passed by the UK government and agreed to by the political parties in Northern Ireland but at the moment investors are pleased with the results.

The Canadian Dollar has been able to hold onto its current levels against the US Dollar but with the overnight strength in both the Euro and Pound the Loonie lost ground to most other currencies. The Canadian market will await the GDP report for December this morning as the expectation is for the annualized growth rate to have fallen from 2.9% in November to just 1.5% in December. A poor number will be an excuse for the Loonie to drop and USD.CAD to move higher.

Stocks are again pointing higher for the 2nd day in a row but with the lack of US data today the Canadian Dollar may be the big mover as the Greenback should remain stable.

 

 



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Sterling                1.7300-1.7400

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