China delays GDP data because of potentially harmful numbers, but we will never delay our news because every release is an opportunity to trade on it! Here’s what will move markets today:
How will the Bank of Canada Interest Rate Statement Affect CAD?
What will happen?
Reserve Bank of Canada will announce the interest rate at 17:00 (GMT+3) on Wednesday, September 8.
It's the primary tool the Bank of Canada uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
In the past statement on July 14, BAC did not make any changes in the interest rate, but it tightened the government securities purchase rate from 3 to 2 billion Canadian dollars weekly.
At the past conference with the Bank of Canada on July 14, USD/CAD grew by 0.5%.
Canada interest rate, %
How to trade on the BOC Rate Statement?
- If the statement is more hawkish than the forecast, the CAD is likely to strengthen against other currencies.
- If the statement is more dovish than expected, the CAD is likely to weaken against other currencies.
Instruments to trade: USD/CAD, CAD/CHF, CAD/JPY
The UK Office for National Statistics will publish its Consumer Price Index (CPI) update on October 19 at 09:00 GMT+3 and Statistics Canada will release the Consumer Price Index (CPI) on October 19 at 15:30 GMT+3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
Good Friday, traders! The markets are frozen ahead of today's NFP release at 15:30 GMT+2…
The USD weakened after Fed Chair Powell hinted at a slowdown of rate hikes, and stocks strengthened. What else is moving the markets today?
The winter is coming, and risky markets expect a rally to come with it. Will this December be bullish for stocks, crypto, and gold? A pack of news will surely help you out.