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U.S. Consumer Price Index comes in as expected

By MoneyWay | Jul 14, 2020

The U.S. CPI came in at the high end of expectations, however, markets are unfazed by this data and are generally focused on what the big bank quarterly numbers will be. Wells Fargo posted its first quarterly loss since the Great Recession as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic. Shares of the bank fell 5% in New York trading after falling as much as 8% earlier. The bank announced a new quarterly payout of 10 cents a share, a deeper-than-expected reduction to its dividend that may indicate the bank’s pessimism about the coming year. Wells Fargo was the only bank among the six biggest U.S. lenders to be forced to cut its dividend after the annual Federal Reserve stress test; all the others are maintaining their quarterly payouts.

Canadian dollar is basically unchanged, oil prices continue to hold above the $40 USD a barrel while equities are drifting slowly upwards. The Canadian dollar may be vulnerable as the Prime Minister is up on his third conflict of interest in regard to the student aid program.

Currently             Close                     Range

USDCAD               1.3606                   1.3606                   1.3596-1.3646

EURCAD               1.5520                   1.5436                   1.5425-1.5525

GBPCAD               1.7075                   1.7088                   1.7009-1.7099

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