Kantor Currency Exchange
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The US Dollar index is marginally weaker this morning as the growth in virus cases in the US seems to be weighing on consumer activity. Yesterday saw the US Retail Sales report for rise by only 0.3% after the September number was shown to have dropped to as well when the final tally came in. With the lack of progress on a stimulus package for the US consumer and a lame duck administration, things can only get worse with the US economy as the virus count and further State lock...downs increase. The Canadian Dollar continues to range trade around the 1.3100 (0.7634) level as it moved back and forth several times during the night and opens the day at the 1.3070 (0.7651). Again, there is nothing new to report on the Loonie so look for it to continue to range trade until we see further developments south of the border. We do get the Canadian inflation report today and it is expected to come inline with the Bank of Canada expectation so it is unlikely that it will move the needle on the Loonie very much. Stocks in the US are set to open a little higher so we may see the US Dollar fall back a little if they do continue higher throughout the day. https://www.kantor.ca/blog?blog/314

One of the biggest American banks predicts a possible 20% drop of the US Dollar index next year Read a full article

Very soon we will have to raise our eyes even higher to enjoy the view of downtown Toronto

European and Asian countries will not be able to rely on the US as a strong trading partner Visit our website to read a full article Simply click on the picture or follow the link below ... https://www.kantor.ca/blog?blog/312

The US Dollar index is mixed this morning as it was weaker in early European trading but recovered somewhat as North America opened this morning. All-in-all it was not an overly busy night as the markets are still focusing on vaccine related news in the face of a growing virus count around the globe and especially in the US where hospitalization rates are fast approaching the levels last seen in the Spring. Trump's campaign to change the result of the election seem to be fa...ding as more Republicans are coming out and saying that President-Elect Biden should have access to national defense briefings ahead of the transition. To me this is the time that Trump will be most dangerous as he can do severe damage to the economy and US foreign policy before he leaves, he has basically abdicated any efforts to stem the spread of the virus and if he does more damage in other areas markets will react and push stocks much lower. The Canadian Dollar continues to give back recent gains as USD.CAD opens the day at the 1.3165 (0.7596) level as it continues to get whipped around by events South of the border. The Loonie is also weaker against European currencies this morning so clearly the shine is off the Loonie at the moment. Nothing of note on the calendar to close out the week, look for stock markets to open a bit higher but they will be closely watching virus activity and any vaccine news. If by change we get any negative vaccine news in the coming days then stocks will get crushed and the Loonie will weaken immensely so keep that in mind if you need to buy any US Dollars in the coming days.