The Bank of Canada (BoC) will wrap up its policy meeting at 14:00 GMT Wednesday, and while no action is expected, the accompanying statement could still be crucial. Even though the Canadian economy is healing, the resurgence of infections in the US is scary given Canada’s exposure to America, and might lead policymakers to strengthen their easing bias. If so, that would argue for a negative reaction in the loonie. Longer term though, the stage seems set for a powerful [..]
Major currencies were struggling for direction in Wednesday’s European session as cautiousness set in ahead of tomorrow’s ECB policy decision and next week’s FOMC meeting. The US dollar and the euro were confined to tight ranges but the pound underperformed as a combination of disappointing data and Brexit developments took their toll on the British currency. The euro benefited from positive risk sentiment brought about by reports suggesting Italy’s third biggest lender will likely receive a state bailout. This eased [..]
The euro consolidated against the dollar during today’s European session, after Tuesday’s impressive rally, as further gains were limited ahead of Thursday’s European Central Bank policy meeting. Some analysts believe that the ECB might be pressured to come up with a decision on further stimulus measures. The euro touched session lows of 1.1228 and highs of 1.1271 against the dollar. The pound dipped to a new intra-day low of 1.3350 dollars just before Mark Carney, Governor of the Bank of [..]
The Bank of Canada held interest rates unchanged at 0.5% at its monetary policy meeting on Wednesday as expected. However, the central bank lowered its outlook for the country’s GDP for 2016 in its latest quarterly report as second quarter growth is expected to take a big hit from the wildfires that broke out in Canada’s oil sands at the beginning of May. The forecast for annualized growth in the second quarter was lowered sharply from +1.0% to -1.0%. The [..]
The euro and the Canadian dollar were the best performers out of the major currencies in the late European session. The loonie strengthened after the Bank of Canada announced its policy decision to leave interest rates unchanged at 0.5%. This was widely expected but what boosted the Canadian currency was a less dovish statement from the BoC. Despite some downward revisions to growth this year to 1.3% from a previously projected 1.7%, the statement was not overtly dovish as it [..]
The Bank of Canada kept its overnight rate target unchanged at 0.5% today at its May policy meeting in a widely expected move. The Bank has held rates at 0.5% since July 2015 even though Canada’s economy has been struggling to adjust to the collapse in oil prices. The Canadian economy, which was among the few advanced economies to escape the global financial crisis of 2008 mostly unscathed, has been hit hard by the plunge in crude oil prices. The [..]
The US dollar pared some of yesterday’s sharp gains when it rose on the back of solid US housing data. The dollar index climbed to a two-month high of 95.66 at the start of today’s Asian trading before easing to around 95.55 in late session. Strong gains in European and US equities on Tuesday helped risk appetite and Asian equities were also in positive territory today. The yen fell back as risk aversion faded but the currency was also weighed [..]
Preliminary PMI readings for the Eurozone will be among the main data releases of the coming week along with second estimate GDP for the first quarter for the UK, the US and Germany, as well as Japanese inflation. The US calendar will be the busiest with housing data and durable goods orders also due. However, upcoming speeches from several Fed officials could attract more attention given the recent strong signals coming from the Fed lately on a possible June/July rate hike. [..]
Risk appetite was up in the markets today after better than expected Chinese trade data. The more upbeat sentiment shifted flows from safe havens to riskier assets and stock markets, which helped the US dollar gain versus the safe haven yen. The euro fell against the dollar. Meanwhile, soft Eurozone data also contributed to the euro’s weakness, pushing it to its lowest since March 29 after breaking below the key $1.13 level. Eurozone industrial production data for February fell by [..]
Asian and European equity markets were boosted on Wednesday by a surprise improvement in Chinese trade in March. China reported an 11.5% year-on-year jump in exports in March, beating expectations of a 2.5% increase. The figure was a sharp turnaround from the 25.3% drop in February. Imports also surprised on the upside as they declined by 7.6% versus estimates of a 10.2% drop. Analysts cautioned that the big jump in exports may be due to seasonal factors. However, investors were [..]
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