Quick economic observations from a British Columbia-based online bank.

Slanted views?  

Well, of course... they're presented here to offset the savagely tilted US perspective which would have the rest of the international community believe the US economy is rebounding with gusto.

I'm no economist but it seems if a laid-off worker gets a $200 tax break, they're in no better position to help the housing construction sector.

Or auto industry.  Or computer industry.  Or the local furniture retailers.

And unless these workers are willing to move to Malaysia, India or Taiwan chances are pretty good they're not going to be turning somersaults over rosey economic indicators presented to reassure investors and the American public.

Must be Canadians are doing SOMETHING right... such as not waging a 'war' which has the potential to outcost any previous conflict in U.S. history.

Go ahead, American taxpayers... it's all coming out of YOUR paycheques.  Or did you think 'Dollars For Iraq' were divinely pouring forth from the heavens above?

Let's see: $7,000,000,000,000 divided by 286,196,812 people (2000 census)  equals  $24,458.69  for every man, woman and child in US territory.  Plus interest.  And considering the rate of debt is outstripping the population increase, that figure only rises.  Sort of makes even a $1,000 tax break look like spare change, no?

Will that be cash, credit card or cheque?

 

 
From:   list-admin@CITIZENSBANK.CA
 
Reply-To:   list-admin@CITIZENSBANK.CA
Date:   11 Jun 09:08 (PDT)
To:   DAILY-RATEWATCHER@LISTSERV.MAILLIST.CITIZENSBANK.CA
Subject:   Citizens Bank Daily RateWatcher for June 11, 2004 
***CANADIAN DOLLAR COMMENTARY***
Friday, June 11, 2004. Good morning. The Canadian dollar is paring losses
suffered in overnight and early Toronto trade after the Canadian trade
surplus came in this morning at its second-highest level on record. At
C$7.6bln, the April surplus easily surpassed calls for a small improvement
(C$6.3bln) over March. Exports grew at over six times the pace of imports,
fuelled by growth in industrial goods and commodities. Machinery and
equipment rose 4.8%, led by aircraft and agricultural machinery; demand for
forestry products increased due to increased housing demand, while oil
imports rose due to buoyant oil prices. Meanwhile, Atlanta Fed President
Jack Guynn said that the oft-discussed "measured pace" is a "more of a plan
than a pledge." U.S. data has been postponed in respect of the funeral of
the 40th U.S. President, Ronald Reagan. And we've got Georgia on our minds
as we also say goodbye to the Genius, Ray Charles. Here's the range, Jack:
1.3600 to 1.3660.


***CURRENT RATES***
U.S. DOLLAR  (USD)
Sell:  1.3530   Buy:  1.3840
 
 
From:   list-admin@CITIZENSBANK.CA
Reply-To:   list-admin@CITIZENSBANK.CA
Date:   5 Mar 10:00 (PST)
To:   DAILY-RATEWATCHER@LISTSERV.MAILLIST.CITIZENSBANK.CA
Subject:   Citizens Bank Daily RateWatcher for March 5, 2004 
***CANADIAN DOLLAR COMMENTARY***
Friday, March 05, 2004. Good Morning. This morning is all about the jobs!
The Bush administration had predicted 400k jobs created per month until
the end of the year (so that they wouldn't be the first administration in
decades to leave office with a net loss of jobs). Well they are 379k short
this month so hopefully they will double up in March. The market was
looking for the US to create 125k jobs in February, the figure came in at
21k and the greenback was quickly trounced by traders. George W. Bush has
been very vulnerable to attacks on the economy and is even more so after
today. You can almost see Kerry in the oval office. Technically the
Canadian dollar now looks set to continue its improvement. There is strong
support at 1.3350/60, however if that breaks it will run into the 1.3000
range quite quickly. Today's expected range 1.3125 ? 1.3225.

***CURRENT RATES***
U.S. DOLLAR  (USD)
Sell:  1.3028  Buy:  1.3338

 

 
From:   list-admin@CITIZENSBANK.CA
Reply-To:   list-admin@CITIZENSBANK.CA
Date:   19 Feb 09:17 (PST)
To:   DAILY-RATEWATCHER@LISTSERV.MAILLIST.CITIZENSBANK.CA
Subject:   Citizens Bank Daily RateWatcher for February 19, 2004 
***CANADIAN DOLLAR COMMENTARY***
Thursday, February 19, 2004. Good Morning. The Canadian dollar is again
weaker this morning, this time following the Euro lower against the US
dollar. Intervention by the Japanese central bank yesterday gave the
greenback a strong lift, which it is still enjoying this morning. Stop loss
orders are building under 1.2650 on the Euro and if this level breaks then
the CAD will probably re-test the 1.3430 resistance area in the short term.
Longer term the US dollar still faces an uphill battle. Their national 
debt topped $7 trillion for the first time on Wednesday and the  
White House has already revised lower their job creation forecast for  
2004. Leading Indicators were up 0.5% and 0.6% respectively in the US
and Canada. Expect a range today of 1.3280 ? 1.3375.


***CURRENT RATES***
U.S. DOLLAR  (USD)
Sell:  1.3169  Buy:  1.3479

 

 
 
From:   list-admin@CITIZENSBANK.CA
Reply-To:   list-admin@CITIZENSBANK.CA
Date:   13 Feb 09:20 (PST)
To:   DAILY-RATEWATCHER@LISTSERV.MAILLIST.CITIZENSBANK.CA
Subject:   Citizens Bank Daily RateWatcher for February 13, 2004 
***CANADIAN DOLLAR COMMENTARY***
Friday, February 13, 2004. Good Morning. Watch out! The wheels are falling
off the bus. This morning's US economic data were a huge disappointment.
Trade deficit: -$42.5 billion. U of Mich consumer sentiment: 93.1.
These were way below what was expected. Initially the USD reacted lower, 
testing the all-time high for the EUR, but with the long weekend upcoming, I think
traders will prudently square up and leave 1.30 for another day. Meanwhile,
Canada trade surplus was a surprising +$5.2 billion, higher than
expected. This caused the CAD to strengthen into the mid-1.30s. Since this is the
last major release before the BoC meets on March 02, it may be all they
need to hold off on another rate cut, especially in view of the rhetoric
from Dodge and Jenkins earlier this week, standing firm on GDP forecast and
calling for steady growth. The USD is on the brink. Thankfully, the G7
ministers all agreed last weekend that EUR/USD strength must be moderated.
Range 1.3100/80.

***CURRENT RATES***
U.S. DOLLAR  (USD)
Sell:  1.2962  Buy:  1.3272