The US$ is retesting the 2-week lows reached on Friday in quiet overnight trading. We see further weakness today as a buying opportunity in a long-term upward trend.
Despite lower oil and metals prices the C$ is stronger overnight on hopes of an economic recovery in Asia. However, we see strength this morning as a selling opportunity.
The EUR is stronger this morning approaching Friday’s highs on hopes of an Asian economic recovery. We expect EUR to continue to strengthen this week, which would provide a selling opportunity.
- Drummond Gill