Daily FX Wrap Up

The Euro traded lower against the Dollar and Yen today after the European Central Bank president signaled that interest rates will rise once more this year, but provided no clear signal on any further euro-zone tightening. In early morning trading the Euro slid to a low of 1.2670 before climbing to the close at 1.2690

Looking north of the Border, the Canadian dollar put the brakes on the dollar’s rise against its northern brothers today as a batch of strong data was helped along by a modest rebound in energies. The Loonie was supported by bullish fundamental data released this week. Building permits were up first. According to Statistics Canada, filings to break ground on new building grew 8.3 percent to c$5.78 billion. This was way beyond the predicted 1.0% and has the distinction of the second highest value of permits in history. Second was a favorable Ivey Purchasing Managers Index. The September report of business and government spending fell just shy of expectations to 59.9, but the increase over August’s 55.7 was more than enough to attract bulls. In the next week this pair should be an exciting one to watch……..