Positive corporate earnings combined with forecast-beating economic indicators helped markets regain the ground lost the previous day. These sound results also triggered a movement of funds from bond markets toward equities, resulting in rising interest rates.
Once again this quarter, North American companies have exceeded analysts' expectations. 84% of Dow Jones companies that have released results have outstripped projections while the figures for the S&P 500 and S&P/TSX are 74% and 75% respectively. Given the strong correlation between the Canadian dollar and stock markets, more good news should help boost the loonie.
The early departure announced by Bank of Japan Governor Masaaki Shirakawa weighed heavily on the yen, which continues to freefall, potentially leaving the way open for a more accommodating monetary policy from the BoJ. The yen is now trading at its highest level since May 2010. Lastly, Australia's central bank opted to keep its key rate unchanged at 3%. Wishing you a great day. Emmanuel Tessier-Fleury
Range of the day: 0.9955-1.0020
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NBC Daily Forex: February 6, 2013
Published 02/06/2013, 04:10 PM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex: February 6, 2013
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