Daily FX Commentary, February 11, 2011

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Feb112011

Daily FX Commentary, February 11, 2011

Friday, February 11, 2011 at 4:00AM

By Warren Hayhoe,

Columnist, Canadian Money Magazine

Central Trader, Jameson Bank

USD/CAD 0.9940
GBP/CAD 1.5925
EUR/USD 1.3530
GBP/USD 1.6000
EUR/CAD 1.3475
USD/JPY 83.55

Oil opened at $86.73, currently $87.10

Gold opened at $1361.90, currently $1360.80

Morning Observations:

Global markets are markedly lower this morning after President Mubarak announced that he would not be stepping down but rather transferring some responsibility to his VP. The uncertainty/unrest in Egypt translated into US dollar buying in FX markets, most notably against Aussie and Euro. USDCAD remained in yesterday’s range overnight between 0.9948-0.9986 before our trade balance report blew out expectations (3billion surplus) and sent the Loonie half a cent higher. Exports saw their largest monthly jump in 29 years and quarter over quarter annualized have grown 27%. The Loonie is being bought through the crosses and just now running into selling interest versus the bigger dollar around 0.9920-0.9930. Expected range in USDCAD: 0.9910-0.9988

Thought of the Day

“Everything comes to him who hustles while he waits.” -- Thomas A. Edison

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