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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 16, 2020


The record -setting rally in U.S. equities accelerated in the wake of Wednesday's China trade deal and signs consumer demand remains strong. Treasuries dropped, while the currency markets remain "Dead as doornails", with little movement again.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 14, 2020


Stocks were mostly unchanged as investors eyed the start of U.S. earnings season and officials prepared to sign the China Trade deal in Washington. Treasuries climbed after a guage of underlying inflation rose less than forcast. Currency trades remain stuck in a narrow range.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 13, 2020


U.S. equities rose, led by shares of technology companies, in a week expected to be dominated by the start of earnings season and the signing of a partial China trade deal. The dollar pared gains after the U.S. was said to plan to lift its designation of China as a currency manipulator. Earnings from some of the biggest U.S. banks kick off the season Tuesday, amid forecasts that overall corporate profits will show the smallest growth in 3 years. The pound led declines among Group-of-10 currencies after another Bank of England official pointed to a potential vote for a U.K. interest-rate cut this month and data showed the economy unexpectedly shrank. Germany's benchmark bund yield headed for least negative closing level since May. The offshore yuan strengthened past 6.9 per dollar for the first time since July. The dollar edged higher and Treasuries fell across the curve as the completion of the first trade deal nears; President Donald Trump has said the U.S. and China will sign the accord on Wednesday. The U.S. in August first formally labeled China a currency-manipulator, a move that further escalated the trade war with Beijing after the country's central bank allowed the yuan to fall in retaliation to new U.S. tariffs. Elsewhere, equities advanced in all major Asian markets except Japan, where there's a holiday, and Australia. Oil fluctuated after last week posting its steepest loss since July.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 9, 2020


U.S. stocks rose and Treasuries fell as investor appetite for risk returned after America and Iran stepped back from the brink of War. The S&P headed for another record with Tech leading the advance. Oil and gold continued their decline while the Japanese Yen dropped to a two week low versus the dollar.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 7, 2020


U.S. stocks fell as investors remained wary of an escalation in tensions with Iran. The dollar gained, while oil continued its retreat from multimonth highs. The S&P 500 headed for its second drop in three sessions, with investors cautious after Iran threatened a military response to a U.S. airstrike that killed a top general four days ago. The Cboe Volatility Index rose above 14 as geopolitics dominated sentiment.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 6, 2020


Stocks pared losses as investors assessed the potential economic impact of rising tensions in the Middle East. The S&P 500 erased nearly all of its earlier decline that reached more than 0.6% as traders weighed how the conflict between the U.S. and Iran would affect global markets. The Nasdaq composite turned higher, while bank shares led losses on benchmarks as the 10-year Treasury yield held below 1.80%. The risk-off rally that started Friday lost some momentum Monday as gold retreated from the highest in more than six years and the yen fell from a three-month high versus the dollar. Oil pared its advance, which touched the highest since April, to around $63 a barrel in New York. The sudden escalation of tension in the Middle East continues to damp the enthusiasm that sent the S&P 500 Index to a record on its first trading day of the year. Investors looking ahead to the planned signing of a U.S.-China phase-one trade deal later this month were rattled by the American strike on Iranian General Qassem Soleimani, which served as a reminder that markets remain vulnerable to geopolitics.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 2, 2019


Stocks started the year on the front foot, building on strong gains for many asset classes in 2019 as investors cheered the latest policy move by China's central bank to support its economy. The dollar and Treasuries strengthened. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite indexes all climbed to record highs in the wake of one of the best years for American stocks in the past decade, and the Stoxx Europe 600 Index advanced for the first session in three as every sector traded in the green. Gauges in Hong Kong and Shanghai jumped more than 1% after the People's Bank of China said it will increase the supply of cheap funding to banks, in line with market expectations. The yuan showed little reaction.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 27, 2019


Yesterday, USDCAD declined from 1.3161 down to 1.3105 with bounces limited to 1.3127 while Canadian markets were sidelined for Boxing Day. The USD is broadly weaker again today with the USD index falling towards a 5 month low. USDCAD has fallen to 1.3076 with bounces limited to 1.3097 this morning. The pairing is not far off the Oct low of 1.3045 and the July / 2019 low of 1.3016. Other currencies are trading near multi-month highs against the USD as well – EURUSD @ 4 month high, GBPUSD near 8 month highs, and AUDUSD near 5 month highs.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 24, 2019


U.S. stocks fluctuated near a record and Treasuries slipped in thin Christmas Eve trading. Oil and gold rose as "not a creature was stirring not even………a little volitility". Markets look like they have packed it in for the day with little movement ahead.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 23, 2019


U.S. stocks edged toward fresh record highs in light trading as investors chased gains that have added more than $5 trillion to valuations this year. Treasuries advanced. The S&P 500 rose for the 8th time in 9 sessions on its way to another all-time closing high after China said it cut tariffs on a wide range of goods. The holiday week took a toll on the benchmark's volume, which was more than 20% below its 100-day average. The Dow Jones Industrial Average paced indexes and Ten-year Treasury yields fell to around 1.90% after durable goods orders unexpectedly dropped for the third time in the last 4 readings. The dollar was little changed, while the pound extended a decline after seeing its worst week in more than two years amid Brexit fears. Major asset classes are collectively on track for the best returns in a decade in 2019 after central banks around the world eased monetary policy. Trade tensions have also eased ahead of the year-end, calming investors' nerves. The signing of the first-phase of the U.S.-China trade deal is set for January. Meanwhile, Chinese shares dropped after a state-backed fund said it would pare its stakes in some tech companies.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 20, 2019


Yesterday, USDCAD held near 7 week lows within a 1.3110 – 1.3130 range. The pairing moved up to 1.3144 overnight before climbing to 1.3180 this morning after the release of the Canadian October retail sales data. The data missed estimates and was the lowest reading in 11 months. The rally higher stalled just below the weekly high of 1.3186 tested Monday and Tuesday. USDCAD has since fallen back to 1.3153 with subsequent rallies also stalling at 1.3175/80.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 19, 2019


U.S. stocks edged toward fresh records as investors chased gains that have added more than $5 trillion to valuations this year. Government bonds fell around the world as a string of central banks kept their interest rates steady while one raised its benchmark.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 18, 2019


U.S. stocks pared early gains as investors digested a flurry of corporate news as the impeachment vote loomed and trade worries retreated. Treasuries slipped and the British pound weakened. The S&P 500 Index fluctuated early Wednesday, a day after reaching another record amid positive U.S. factory and housing data. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait-and-see stance as the holidays near. With global stocks close to all-time highs and the U.S.-China trade accord announced Friday yet to be signed, traders are finding few reasons to bid prices higher. The outlook for America's monetary policy remains steady -- two Federal Reserve policy makers reiterated that interest rates are on hold -- yet the miserable results from FedEx were a reminder of the headwinds to growth. The Stoxx Europe 600 Index also struggled for traction as national benchmarks traded mixed, with Germany's gauge underperforming even as data showed business expectations improved for a third month. The pound extended its losses after tumbling Tuesday on renewed concern that a no-deal Brexit is possible. The dollar strengthened against most of its G-10 peers.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 18, 2019


U.S. stocks pared early gains as investors digested a flurry of corporate news as the impeachment vote loomed and trade worries retreated. Treasuries slipped and the British pound weakened. The S&P 500 Index fluctuated early Wednesday, a day after reaching another record amid positive U.S. factory and housing data. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait-and-see stance as the holidays near. With global stocks close to all-time highs and the U.S.-China trade accord announced Friday yet to be signed, traders are finding few reasons to bid prices higher. The outlook for America's monetary policy remains steady -- two Federal Reserve policy makers reiterated that interest rates are on hold -- yet the miserable results from FedEx were a reminder of the headwinds to growth. The Stoxx Europe 600 Index also struggled for traction as national benchmarks traded mixed, with Germany's gauge underperforming even as data showed business expectations improved for a third month. The pound extended its losses after tumbling Tuesday on renewed concern that a no-deal Brexit is possible. The dollar strengthened against most of its G-10 peers.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 16, 2019


U.S. equities climbed toward a new high, and European stocks reached a record, amid hopes that a partial trade deal between America and China will ease a key risk for investors heading into year-end. Treasuries fell. With tech and health-care leading the charge, the S&P 500 Index gained in the wake of the agreement announced Dec. 13 that will see Washington reduce tariffs and Beijing increase purchases of American farm goods, although many details are still to be ironed out. The Stoxx Europe 600 became the latest major equity gauge to hit a new peak as it jumped for a fourth day, led by gains in financial and industrial shares. Stocks were mixed in Asia. Equities in Shanghai rose after Chinese data showed industrial output and retail sales both exceeded expectations. The pound strengthened, though it trimmed gains after U.K. factories posted the weakest performance in more than 7 years. The announcement of the preliminary U.S.-China deal staved off a scheduled Dec. 15 tariff hike, a prospect that had loomed large for markets. It remains unclear how China will follow through on pledges to boost American agricultural imports, and how quickly the U.S. promise to roll back half of a September tariff hike will happen. Elsewhere, oil held near a 3-month high and gold was steady. Turkey's lira dropped the most in almost two months as President Recep Tayyip Erdogan warned of retaliation over potential U.S. sanctions.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 13, 2019



Yesterday, USDCAD tested last week's lows @ 1.3160 before climbing to 1.3194. There were reports of a U.S. China trade deal (phase one) with a 50% roll back on $360 billion worth of tariffs. Equities and commodities markets cheered the news with all of the major currencies advancing while the USD and JPY saw broad declines. The moves continued late in the NA session as the UK election results filtered in. Once it was reported that the Conservatives had a majority (making the Brexit process easier) the GBP soared – GBPCAD climbed more than 5 cents on the day to trade at the highest level since April 2018. The JPY dropped towards the lowest level in 8 months. USDCAD broke below last week's low to 1.3150 – near a 6 week low. Today, reports suggest some confusion over the completion of the U.S. / China trade agreement. Trump did make an announcement this morning confirming phase one of a trade deal but a smaller portion of the tariffs are being rolled back. Yesterday's market / currency moves have partially reversed with USDCAD climbing back to 1.3200.

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Daily Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver Dec 11, 2019


U.S. stocks were little changed as investors prepared for a week brimming with potential catalysts, from central bank meetings to the looming America-China tariff deadline. Treasuries held modest gains. The S&P 500 fluctuated near an all-time high after weak China export data, with investors awaiting news on whether Washington will go ahead with a planned Dec. 15 tariff hike. The Stoxx Europe 600 Index slipped. Stock indexes posted modest increases in Tokyo and Seoul, though gains mostly fizzled in Hong Kong and Shanghai. The pound edged upward as polls continued to show the U.K. Conservative Party on course to win a majority in Thursday's election, which would likely mean Britain leaving the European Union by Jan. 31. With time running out for the U.S. and China to reach a deal that would ward off an escalation in tariffs, markets will be watching closely for any signs of progress. White House economic adviser Larry Kudlow said Friday the two sides are haggling over the amount of American farm products Beijing is willing to purchase. Data showed China's exports fell 1.1% in November, with those to the U.S. tumbling 23%, underscoring why the Asian nation may want to resolve the dispute. Also in focus for investors this week will be central banks, with policy meetings at the Federal Reserve and the European Central Bank that may offer clues on whether more monetary easing is in store in 2020. Elsewhere, oil slipped, trimming last week's rally spurred by Saudi Arabia promising significant additional production cuts beyond what was agreed with fellow OPEC members.

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VBCE Foreign Exchange Wrap Up for Dec. 2 – Dec. 6, 2019

Steve Brown, Senior Corporate Trader | Stevebrown@vbce.ca

The CAD improved mid-week to trade near its strongest level in a month against most currencies with the exception of the GBP which was an all-around out-performer. Unfortunately, the bulk of the gains were erased on Friday after the Canadian employment data surprised to the downside. By the end of the week, the CAD was the 2nd worst performing currency just behind the USD (The USD DXY index dropped towards a 2 month low). Initially, USDCAD climbed from 1.3280 up to 1.3322 – near a 7 week high before falling back to 1.3283. On Wednesday, USDCAD tested the 1.3300 level again before falling to 1.3180. The catalyst for the sudden CAD strength was the Bank of Canada interest rate decision / monetary policy statement. Given recent speeches by BOC members and the fact that other central banks around the world have been cutting interest rates / maintain dovish policies, the market was expecting the BOC to signal an interest rate cut for January. Instead, the BOC remained firmly neutral if not a touch hawkish with its statement. The Bank sees the global economy stabilizing and growth edging higher the next couple of years. In Canada, "investment spending unexpectedly showed strong growth" while inflation "remains at target". Also, BOC member Lane stated that there was "no reason for the Bank of Canada to move in step with the U.S. Federal Reserve." The U.S. Fed has cut interest rates 3 times this year while the BOC has held steady – Canada has the highest interest rate of the G7 countries. Also aiding the CAD was an 8% surge higher in oil prices – completely erasing the 5% sell-off that occurred on Friday, Nov. 29. Oil prices neared 6 month highs after comments from the OPEC meeting suggested deeper than expected oil production cuts by Saudi Arabia. USDCAD briefly declined to 1.3159 – a 1 month low before holding a 1.3170 – 1.3188 range ahead of Friday's employment reports. There was a strong divergence in employment reports – Canada's report much weaker than expected while the U.S. headline data was surprisingly strong. Canada shed 32,800 fulltime and 38,400 part-time jobs in November while the unemployment rate surged to 5.9% - the highest in over 1 year. U.S. ADP employment data out Wednesday suggested a downside miss – an addition of just 67,000 jobs vs exp 140,000. The U.S. added 266,000 jobs in November while the unemployment rate ticked down towards a new multi-decade low. The net result was a move from 1.3170 up to 1.3270 – almost completely erasing the post-Bank of Canada move lower earlier in the week.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 6, 2019


Yesterday, USDCAD dropped from 1.3204 down to 1.3159, close to a 1 month low before climbing back to hold a 1.3170 – 1.3185 range for the balance of the session. There was a strong divergence in employment reports this morning – Canada's report much weaker than expected while the U.S. headline data was surprisingly strong. Canada shed 32,800 fulltime and 38,400 part-time jobs in November while the unemployment rate surged to 5.9% - the highest in over 1 year. U.S. ADP employment data out Wednesday suggested a downside miss – an addition of just 67,000 jobs vs exp 140,000. The U.S. added 266,000 jobs in November while the unemployment rate ticked down towards a new multi-decade low. USDCAD has nearly erased the post-Bank of Canada move from Wednesday. The pairing surged to 1.3260 with pull backs limited to 1.3244. A second move higher has stalled at 1.3270. Oil prices are higher this morning on reports of additional oil production cuts by Saudi Arabia during day two of the OPEC meeting.

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Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 5, 2019


Yesterday, USDCAD dropped from 1.3300 down to 1.3185 as the Bank of Canada held its key interest rate at 1.75% and did not hint at a possible rate cut for January. The USDCAD had been trading near a 2 month high prior to the statement and ended the session near a 1 month low. The BOC's tone was firmly neutral if not a touch hawkish. Also, oil prices surged higher completely erasing last Friday's 5% sell-off. Overnight, BOC member Lane commented that there was "no reason for the Bank of Canada to move in step with the U.S. Federal Reserve." The U.S. Fed has cut interest rates 3 times this year while the BOC has held steady – Canada has the highest interest rate of the G7 countries. USDCAD has moved lower to 1.3159 before climbing back to 1.3185. The market now awaits the Canadian and U.S. jobs reports due out at 5:30am tomorrow.

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The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.