The main bank of Russian will likely turn hawkish today. Time to sell USD/RUB?
Will the BOC bring a challenge to the CAD traders?
The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
The rate statement is the necessary element of a monetary policy conducted by the central bank in the country. It contains the interest rate, which is the interest of borrowing funds by the major financial institutions. The Bank of Canada set its interest rate at 1.75% and is forecast to keep it unchanged during the upcoming meeting. The main focus of the market will be on the statement, which will provide the projections for the economic conditions of Canada and make investors think about the future changes to the interest rate. The recent data brought relief to the CAD bulls: the unemployment rate fell to 5.6%, while the inflation levels remain high enough to shrug off the doves. Will we see some kind of surprise during the meeting?
• If the BOC is hawkish, the CAD will rise;
• If the BOC is dovish, the CAD will fall.
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).