EC Doom And Gloom Takes Toll

The US dollar surged a little above CAD1.28 yesterday to trade a five-month high.  The pullback today has been limited to the CAD1.2735 area. The market appears to be waiting for US leadership today. A push below CAD1.2700 today would help stabilize the tone, but a $400 mln option expires tomorrow. Steadier equities and commodities may be supportive of consolidation. The dollar settled near MXN20.0750 yesterday, the highest close in nearly a month. The greenback is slightly softer today and is finding support near MXN20.00. The broad risk appetite seems to be the key. The month's high for the dollar was set closer to MXN20.1620, and the 200-day moving average is found near MXN20.2220.  

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Read more by Marc on his site Marc to Market.

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