Currency Traders Take in Housing Numbers

Housing starts and building permits are on deck for Canadian economic data today forecasts are for 195,000 and 2.4% respectively, and both cited at 207,000 and -0.1%. WTI Crude Oil has found support at $52.00 U.S. a barrel; gold is also higher by $1.20 to $1,183.58 U.S. Base metals are also up, with copper seeing minor gains of 1.66% at $2.56 a pound. The Canadian dollar has consolidated over the past week.

Experts expect a range today of $1.3174 to $1.3278 Canadian

French Industrial Production in December made a respectable jump from expectations of 0.5% m/m to 2.2% m/m. Analysts still do not see many reasons for a strong euro and additional political risk will start to creep in as the market will start to focus on the French presidential election in April. The euro is currently trading at $1.3977 Canadian.

Observers expect a range today of $1.3935 to $1.4020 Canadian

Similar story with the pound sterling, as no significant event risks released from the U.K. this morning leaving the currency to trade on broader sentiments. Part of yesterday’s drop came after Prime Minister Theresa May’s weekend statement that border security and control over legislation took priority over access to European Union single market. Evidently, investors seem to have and are continuing to price in a "hard Brexit." The sterling is currently flat from yesterday’s close after it retraced from early lows of $1.6004 Canadian.

Traders expect a range today of $1.6029 to $1.6127 Canadian

The Australian dollar is trading lower this morning to retrace earlier gains made in the Asian trading session on the back of positive sentiment surrounding the commodity markets. Domestic data was not supportive, with Australian Retail Sales reporting below forecast at 0.2%, down from the previous 0.5%. Chinese data was mixed with inflation reporting slightly softer than expected at 2.1% versus the forecast of 2.2% while Chinese Producer Price Index came in better than expected at 5.5.

Oil (WTI): $52.19

Gold: $1,184.18

Silver: $16.64

Copper: $2.5945

Dollar Index: 101.92

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