All eyes on USD/RUB ahead of the CBR interest rate decision
The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
Will the Bank of Canada hold the rate?
The Bank of Canada’s release of the interest rate is at 17:00 MT time on December 4.
The Bank of Canada announced a steady rate of 1.75% in the October session. Being the highest level since December 2008, it was considered appropriate for the current state of the economy. However, the governor Mr. Poloz said that the bank would be “mindful that the resilience of Canada’s economy will be tested” within the context of the global economic slowdown and the US-China trade conflict. The latter has shown certain advancements recently. Nevertheless, the uncertainty is still in place and the Canadian domestics indicators give mixed results on the economy’s status. We will see on Wednesday how optimistic the monetary policy makers are.
- If the BOC is hawkish, the CAD will rise;
- If the BOC is dovish, the CAD will fall.
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The GBP may be supported
Great Britain will publish its trade balance for April on June 11, at 09:00 MT time.
The pack of PMIs to boost the euro
Once in a month, the euro has a very special day of increased volatility at the start of the European trading session.
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