On Wednesday this week the Bank of Canada did not raise interest rates and the CAD immediately sold off. It was a dovish hold as the BOC weighed up a mixed set of data.
Carney presses pause on market expectations of May rate hike. Bank of England’s Governor Mark Carney has responded to the three bearish data points out of the UK this week by stating that there are, ‘other meetings this year’ to raise interest rates. A May hike had been priced in as an 85% probability, but…Details
Article provided by FxPro, an industry-leading online broker regulated by the FCA. The ECB will be choosing their words carefully at their forthcoming monetary policy meeting. It is likely that the wording used will determine the future direction of the single currency, which has been trading in a range against the U.S. dollar for the…Details
Fate of the single currency to be decided by forthcoming ECB meeting: Correct link for FxPro seminar here.
Apologies Link correction for Webinar – Here is the correct one.Details
Canadian data on the docket USD/CAD is a quarter-cent lower on the day to 1.2646 but the drama has just begun. At the bottom of the hour, we will get February retail sales and March CPI. For retail sales, focus on ex-autos, which are forecast to rise 0.4%.Details
Comments from Barkindo – The OPEC/non-OPEC agreement rescued the oil industry from imminent collapse – The OPEC-led supply cut deal has not only arrested the decline, but rescued the industry Well now that’s taking it too far. The oil industry wasn’t doing great, but it wasn’t collapsing. However, there probably would have been a total…Details
Canada February retail sales data – was +0.3% (revised to +0.1%) – Prior ex autos +0.9% (revised to +1.0%) The ex-autos number is poor and it comes with a weak CPI reading. All in all, USD/CAD is higher and that’s the right reaction to the numbers.Details
Canada March consumer price index data – Prior was +2.2% – CPI +0.3% m/m vs +0.4% m/m expected (prior +0.6%) – Core common +1.9% vs 1.9% prior – Core median +2.1% vs +2.1% prior The core measures were all expected to tick higher but instead were flat or slightly lower. The entire report is a…Details
Canadian dollar slumps The Canadian dollar is lower for the third consecutive day after disappointing data on retail sales and inflation. That has pushed USD/CAD to the best levels since April 8.Details