Daily FX Commentary, February 10, 2011

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Feb102011

Daily FX Commentary, February 10, 2011

Thursday, February 10, 2011 at 12:55PM

By Warren Hayhoe,

Columnist, Canadian Money Magazine

Central Trader, Jameson Bank

USD/CAD 0.9980
GBP/CAD 1.6000
EUR/USD 1.3600
GBP/USD 1.6040
EUR/CAD 1.3575
USD/JPY 82.85

Oil opened at $86.71, currently $86.32

Gold opened at $1364.80, currently $1358.10

Morning Observations:

Inflation driven markets remained the theme overnight as fears of further fiscal tightening around the globe have risk based assets lower. The US dollar was the primary benefactor of this sentiment, strengthening right across the board last night. Even news that PetroChina would be purchasing a 50% stake in an Encana project worth 5.4billion couldn’t throw the Loonie a bone. Finally, the euro only helped the greenback when a poorly participated Portugal bond auction depressed the multi-nation currency to 1.3613. USDCAD is still a stone’s throw from parity but looks poised to at least have a test. Unemployment claims from the US is the only notable news piece due out and shouldn’t have a major impact on the currency. First resistance beyond parity is at the 55 day moving average – 1.0010. Expected range in USDCAD today: 0.9925-1.0025

Thought of the Day

“I believe in a long, prolonged, derangement of the senses in order to obtain the unknown.” -- Jim Morrison

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