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The bank of Canada will make its monetary policy statement and announce the official rate on April 24, at 17:00 MT time.
We anticipate the interest rate to remain unchanged at 1.75%. However, the Bank of Canada governor Stephen Poloz may throw some hints on the possible changes to the monetary policy of the bank in the future amid the global uncertainties. As the rumors about the possible rate cut keep circulating, it would be interesting to hear the opinion of the BOC governor. Moreover, his comments will likely affect the performance of the Canadian dollar.
• If the BOC is hawkish, the Canadian dollar will go up;
• If the BOC is dovish, the Canadian dollar will go down.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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