Canadian Key Rate is in Focus Today

Canadian Key Rate is in Focus Today

Hello, guys! We are here with the most attractive economic news on Wednesday!

USDJPY and the Oil Market Situation.

BoJ Takata: We need to continue with soft monetary policy, but watch out for side effects of yield curve control. Yesterday, USDJPY grew by 0.85%. The pair has almost reached 148. Remember that the Central Bank of Japan started interventions at 145.90 a year ago. It means that we should be careful with long positions.

Saudi Arabia to extend voluntary production cut by 1 million barrels per day until the end of the year. The cut is on top of other 1.66 million barrels per day voluntary cuts in oil production that some OPEC members have also introduced before the end of 2024. XBRUSD has touched $90.90.

Emerging and Developed Economies

Morgan Stanley is bearish on emerging market currencies. The American bank cites the weakness of the yuan and the slowdown in China's economic growth as the reason for the change of heart. Morgan Stanley says the Singapore dollar and the ringgit are the most vulnerable.

ECB’s Knot: Further ECB rate hike is possible, but not certain; ECB’s Villeroy: All options open at the September meeting. Meanwhile, the US dollar is strengthening against the European currency. EURUSD touched 1.07061. The strong support cluster is between 1.06670 and 1.06900.

The German Economic Institute IFW lowered its forecast for GDP growth in 2023 to -0.5% from -0.3% earlier. The German economy, the strongest in Europe, started losing its position.

BoC Key Rate Decision

The Bank of Canada will make the decision about the interest rate today at 5 p.m. GMT+3. Economists think the BoC will leave the rate at the same 5% level. Last time, the officials gave the following comments: ..higher interest rates are needed to slow the growth of demand in the economy and reduce price pressures. The labor market remains tight, even if some signs of easing exist. Unemployment has risen slightly but remains historically low, and wage growth has been between 4% and 5%, well above comfortable levels of price stability. However, the Central Bank admits that the upward cycle ends without specifying how long the high rates can last. 

Gold Price

The dollar is rising, and XAUUSD is plummeting. The support line is close. The nearest support is at 200MA ($1916). Williams %R left the overbought zone - bearish signal. XAUUSD broke the local trend line down. With a higher probability, the bearish trend continues. 


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