The USD is relatively flat
this morning on the back of mixed news flows and economic data. The Canadian dollar is outperforming
today,
which is strange given the flat equity and commodity markets;
nonetheless, the Loonie remains within its recent 1% trading range
against the USD, having hit a low of 0.9850. Huge capital inflows have
helped the unit recently, though most of them have been into very liquid
investments, meaning they can easily be reversed, providing significant
scope for a quick turnaround in the Loonie's valuation.
But markets are unlikely to engage in large moves until later this
week, when Ben Bernanke delivers a key speech on monetary policy. That
kicks off the data-heavy month of September, which has plenty of juicy
headline risk in it -- some key dates are highlighted below. The
commodity complex is flat
today, with oil in New York hovering around the 96.00 mark and gold steady at 1664.00 an ounce.
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