Four Banks Fight Against Inflation
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Will the CAD rise?
Bank of Canada announces its interest rate and gives a press conference on Wednesday at 17:00 MT time.
Instruments to trade: USD/CAD, EUR/CAD, AUD/CAD, CAD/JPY
During March, the Bank of Canada gradually reduced the interest rate from 1.75%, where it’s been since the end of 2018, to the current level of 0.25%. Monetary policymakers expressed their commitment to respond to the economic environment as required. That means, although emergency moves have been already taken, there may be more. Also, as the oil industry is the base factor for the country’s prosperity, the status of the oil price war will be taken into account by the Canadian financial authorities. If the outlook will be even moderately positive, it will boost the CAD.
- If the Bank of Canada is hawkish, CAD will rise.
- If the Bank of Canada is dovish, CAD will fall.
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