Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
The Bank of Canada May Push the CAD
What will happen?
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time. The statement normally contains commentary about the economic conditions and insights into further monetary policy decisions. A recent survey by the Bank of Canada showed improving business sentiment as vaccines roll out. This situation may indicate that the BOC is looking forward to more hawkish steps.
How to trade on the BOC Interest Rate Decision?
Due to analysts' predictions, traders need to pay particular attention to the changes made in the statement. If the Bank of Canada expresses readiness for an earlier-than-expected rate hike, the Canadian dollar may strengthen.
- If the BOC suggests tightening of its monetary policy, the CAD will strengthen;
- If the BOC expresses cautiousness, the CAD will weaken.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY
The US Bureau of Labor Statistics will release its Consumer Price Index and many other critical events that will move the market this week!
It’s Wednesday, my fellow traders! The day is filled with news and events you need to know, and here’re some of them.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.