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USD benefits on many fronts

Published: Wednesday 21 November 2018

  • CAD weaker as Bank of Canada plans to change emphasis
  • A slew of US data later today
​​By David Johnson
The irony is strong with the US Dollar. A cautious Federal Reserve caused investors to seek a secure safe haven and that includes the US Dollar. So bad news strengthens the USD and good news strengthens the USD. As they say across the pond, ‘go figure’. To be completely fair, reasonably strong housing data did support the USD on Tuesday but the strength of the greenback had more to do with the risk aversion of investors. Beware that the slew of US data due today is forecast to be generally upbeat, so further USD strength cannot be ruled out. We are also seeing a fall in the crude oil price which tends to strengthen the currency in which oil is traded – the USD.
The Canadian Dollar lost a little ground on Tuesday after the Bank of Canada suggested it was reviewing how it managed economic policy and saw the tracking of inflation targets as insufficient for good monetary management.  The GBPCAD exchange rate rose a cent on the day.
And crypto-currencies are at a 2018 low after a hugely volatile few years. The overall valuation of cryptocurrencies was soaring in January at around $800 billion but is valued at just $150 billion as at the close of play yesterday. Has the virtual currency market had its day? Well maybe but the technology upon which they are based, block chain, is just finding its real uses in secure messaging, file transfers, accounting and ledger management and other technologies. That is most likely where the real value lies.


Three priests died and came up to St. Peter at the Pearly Gates. St. Peter looked up the priests and informed them there had been a mistake; they were not supposed to die for another 10 years or so.

The priests were upset about this and asked St. Peter what could be done. St. Peter said that they had died on earth, so couldn’t go back to their former lives. So he asked what their deepest desire was and he would exceed to it if he could.

St Peter asks the first priest, “What do you want?" and the first priest replies," I always wanted to be an eagle and see all of God's creation from above."

"Done." St. Peter snaps his fingers and the first priest disappears.

St. Peter asks the second priest, "What do you desire?” and the second priest replies, "I always wanted to be a dolphin and see all of God's creation from under the sea."

"Done." St Peter snaps his fingers and the second priest disappears like the first.

St. Peter asks the third priest, "What do you want?"" and the third priest shyly says, "Well... my wish is kind of sinful." "No matter. You can choose any form you want." St. Peter says and the third priest replies, "Well, I always wanted to be a...well…a stud, you know?"

St .Peter replies, "I don't see a problem with that." St. Peter snaps his fingers and the third priest disappears.

Later, Jesus asked St. Peter, “I heard there was a problem with three priests being here before their time. Where are they now?"

St. Peter explained, "One is soaring high above the Grand Canyon. The second is swimming in the North Atlantic. The third is holding a wheel on a Volvo."

Today's Major Economic Releases

Market BST Data/Event Previous Expected
GBP 09:30 UK: Public Sector Net Borrowing 3.3b 5.6b
CAD 13:30 Canada: Wholesale Sales -0.1% 0.1%
USD 13:30 US: Durable Goods Orders 0.7% -2.2%
USD 13:30 US: Core Durable Goods Orders 0.0% 0.4%
USD 13:30 US: Unemployment Claims 216k 215k
USD 15:00 US: Conference Board Leading Index 0.5% 0.2%
USD 15:00 US: Existing Home Sales 5.15m 5.20m

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