USD Trading Outlook (19-01-2011)
U.S. Dollar Trading (USD) the Dollar remained on the back foot as traders took on more risk after stock markets globally continued their march higher. The Bank of Canada held rates at 1.0% but was quite dovish in the accompanying statement and this caused the CAD to underperform the rest of the market. In US stocks, DJIA +50 points closing at 11837, S& P +1 points closing at 1295 and NASDAQ +10 points closing at 2765. Looking ahead, December Housing Starts are forecast at 0.55mln and December Building Permits are forecast at 0.555mn vs. 0.53mn previously.
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