Forex news for Toronto trading on November 26, 2020:
- BOC's Macklem: Canada rates will stay very low for a very long time
- EU negotiators preparing to travel to London for talks
- Brexit negotiations 'completely stuck' - report
- Boris Johnson: The virus data is beginning to improve
- Barnier has called an urgent meeting of EU fisheries ministers for tomorrow - report
- AstraZeneca likely to conduct additional trial of covid vaccine
- Johnson spokesman: We want to resume face-to-face talks but it's a matter for EU
- Canada Sept average weekly earnings +6.9% vs +7.91% y/y prior
Markets:
- US markets were closed for Thanksgiving
- Gold up $6 to $1813
- Toronto TSX Composite +0.1%
- WTI crude oil down 72-cents to $44.99
- JPY leads, GBP lags
It was a holiday in the US and holiday trading was just about what you would expect. Cable was drifting lower until a report about an urgent meeting of EU fisheries ministers led to a quick pop in GBP. A number of reports afterwards aimed to walk that back but the market wasn't biting and cable remained 30 pips above the lows (though still down 25 pips on the day).
USD/CAD had a slight bid with Toronto open and oil sliding. Internally, the Toronto market showed gold miners and some stay-at-home stocks higher while energy lagged but it was hardly inspired trading.
The euro tracked the move in sterling and fell as low as 1.1887 before climbing to 1.1913 late, finishing flat on the day.
