The U.S. Consumer Price Index came in at a reasonable level, giving investors added ammunition to continue buying equities. The DJII reached another intraday high and if it stays there it will be another record close. The key to investors confidence was the core rate of inflation, CPI, excluding energy and food prices, rose by 0.3% last month, below the 0.4% increase expected. Core prices still jumped 4.3% on a year-over-year basis.
Commodities are mixed, while the CPI numbers were encouraging, the Covid Delta variant has basically taken over and hospitals from Honolulu to Houston to New York are now overrun with patients and in some cases are now setting up triage tents to treat the excess number of patients. Oil prices have dropped slightly reflecting this news, however, it will be a while yet to see which section of the population is being impacted the most.
The Canadian dollar is unchanged and will stay in a very narrow range today.
Currently* Close Range
USDCAD 1.2510 1.2519 1.2489-1.2548
EURCAD 1.4680 1.4674 1.4669-1.4693
GBPCAD 1.7347 1.7329 1.7304-1.7348
*Indicative rates only