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CAD Down on Lower Oil, other Currencies Little Changed

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Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

Market Recap

Small small movements in the FX market Friday, matching the small small movements in the stock markets the SP 500 plunged 0.30 while the NASDAQ soared 0.09. Asian markets are doing better this morning, with most markets up, some substantially the Hang Seng is 1.9 at the time of writing, the KOSPI 2.2. Jakarta though is 1.4.. Stocks wont be so quiet this week though as its the first big week for earnings this year there are some 122 SP 500 companies reporting this week, including Apple, Tesla and Facebook on Wednesday.

CAD came out on the bottom. It followed oil prices for much of Friday, but didnt seem to benefit that much when oil started to recover. Oil was hit by the surprising large rise in US inventories announced on Friday the market had been expecting a decline of 1.7mn barrels, but instead there was a rise of 4.4mn. This was even bigger than the 2.6mn rise that the American Petroleum Institute API reported. Oops! 

At the same time Im mystified about why NZD is on top of the list in fact the only thing I can find on Bloomberg is an explanation for why AUD is outperforming NZD, even though a graph of AUDNZD shows that thats just not happening. For what its worth,…

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