Both Houses of U.S. Congress to vote on Keystone XL today
The GBP dropped considerably against its peers yesterday, following Governor Mark Carney's revised forecasts downward regarding economic growth and inflation in the U.K. As for the ECB President, Mario Draghi reprised his standard speech in Rome, reiterating that the European Central Bank cannot restart Europe's economy by itself; it's now time for political leaders to step up.
Last Friday's good employment results helped the loonie hold its own against the greenback in the past three days, despite the fact that energy prices have fallen to their lowest levels in the last four years. It could get another positive boost today, with the resurrection of the Keystone XL pipeline project, which will be voted on by both houses of the U.S. Congress. Recent midterm elections saw the Republicans wrestle the majority away from Democrats, and they have generally been more favourable to this project. Today, we are awaiting Initial Jobless Claims and the Monthly Budget Statement from the U.S., while in Canada we are awaiting New Housing Price Index data.
Have a good day.
Salim Laaroussi
Range of the day: 1.1240 - 1.1360