Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
Canadian dollar is nearly intact
On Friday, the Canadian dollar was nearly intact versus its American rival because Canada’s currency held on to this week's revenues even after data disclosed that the American economy managed to expand at its fastest tempo for almost four years.
The Canadian dollar leapt by 0.1% showing C$1.3061 against the US currency.
For the week, the Canadian dollar found itself on track to tack on by 0.7%. Canada’s currency has been spurred by firmer-than-anticipated domestic data as well as easing of trans-Atlantic trade tensions.
Currently, Canada runs an account deficit, therefore its economy could be affected if the flow of capital or trade speeds down.
This week’s penetration by the currency pair USD/CAD of a soaring trend line since April has set investors up for extra Canadian dollar appreciation over the next weeks.
By the way, Canada is currently in talks with the United States and Mexico to modify the North American Free Trade Agreement. On Thursday, the United States and Mexico made up their mind to step up negotiations on modifying NAFTA. By August they’re expected to come to a compromise on key issues.
Extra upbeat noises on NAFTA could potentially spur expectations for another interest rate lift in October.
The major financial institution has had its benchmark interest rate lifted twice in 2018. Financial markets hope for a greater-than 60% likelihood of an October lift.
Meanwhile, the evergreen buck headed south versus a group of currencies because the firm American data didn’t manage to soothe concerns that trade clashes would appear to be a drag in the second half of this year.
American crude futures lost 1.3% coming up with a reading of $68.69 a barrel. By the way, crude turns out to be the country’s crucial exports.
As for Canadian government bonds, they slumped.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
OPEC-JMMC meetings will be hosted on Thursday, December 2 during the whole day.
ISM Manufacturing PMI will be announced at 17:00 MT (GMT+2) on Wednesday, December 1.
The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.