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Tag - cad - canadian dollar
China delays GDP data because of potentially harmful numbers, but we will never delay our news because every release is an opportunity to trade on it! Here’s what will move markets today:
The UK Office for National Statistics will publish its Consumer Price Index (CPI) update on October 19 at 09:00 GMT+3 and Statistics Canada will release the Consumer Price Index (CPI) on October 19 at 15:30 GMT+3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Recently, the Bank of Canada hiked the interest rates by 50 basis points. It is now 1.5%, and it’s only the beginning.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
Canada will post Retail Sales and Core Retail Sales on December 21, at 15:30 GMT+2.