Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
USD/CAD slumped as BOC raised rate
The meeting of the Bank of Canada turned out to be eventful. The central bank increased the overnight rate from 0.75% to 1.00%. Such move caught the market by surprise: the majority of market players had thought that the rate would remain unchanged.
The Bank of Canada pointed out that the recent economic figures exceeded forecasts. The regulator acknowledged widespread strength in business investment and exports, as well as robust consumer spending. A moderation in the pace of economic growth is expected in the second half of this year.
The BOC statement doesn’t exclude the possibility of another rate hike in the months ahead. It said that future monetary decisions are not predetermined.
USD/CAD fell from levels around 1.2400 to 1.2133, the lowest level since June 2015.
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.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
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.