Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
Will the BOC provide a boost for the CAD?
What will happen?
The Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time. The statement contains information about interest rates and commentary on the economic outlook. While we don't expect any changes to the interest rate of 0.25%, the bank may provide insights that may change its forecast for future rate hikes. We expect the bank to pay particular attention to the stabilization of the labor market, as the employment change for March greatly outperformed the forecasts (+303.1K vs. +101.5K). Another interesting thing the bank may drag investors' attention to is the recent business outlook survey. According to it, the firms expect inflation to exceed the central bank's target range. These factors may indicate an earlier change in the rate.
How to trade on the BOC Monetary Policy Report?
We recommend you pay attention to the regulator's comments on the economic outlook (employment and inflation levels) and forecasts for the rate hike.
- If the BOC provides an optimistic outlook, expect the strength of the CAD;
- In case of negative comments, the CAD will fall.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY
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).
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…
Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.