Ready to Get Started?
Start here. Join over 12M Libertex users around the world!
Bank of Canada also in the spotlight today- check out the USD/CAD
The Fed is not the only Central Bank in town with a policy decision today. Ahead of the Fed, at 1.45pm GMT we get the Bank of Canada, who are widely expected to raise their OCR (official cash rate) today, from 2.25% to 2.5%.
Of course this is not a done deal, as witnessed by the surprise from the RBNZ earlier. Ahead of this decision the USD/CAD has been on the rebound recently, following a drop to 1.3970 just last week. The USD/CAD traded as high as 1.4068 yesterday and closed in the US last night at 1.4051.
Beyond the past few days the wider trend has been lower, following some really good jobs data out of Canada over the past couple of months. That data certainly stopped the US dollar dead in its tracks just ahead of the 1.43 handle.
The question now: does the BOC want to endorse that move lower in the USD/CAD, because if they do not, the simple answer is to follow the RBNZ today and do nothing. We shall see on that later this afternoon. The USD/CAD is trading right now at 1.4057
Market News
All News-
EUR/USD rebounds from a test of 200 week moving average and here is why
Earlier this afternoon the EUR/USD did briefly trade below its 200 week moving average, which was still in place at 1.1108. The Euro skidded to set a...
-
Nasdaq 100 opens in the red as GOOGL sinks
The US stock markets have just reopened and it has been a lower start to the day for the Nasdaq 100. Whilst we do not yet have an exact opening price...
-
ECB leaves monetary policy unchanged- EUR/USD slips
The eagerly awaited monetary policy decision from the European Central Bank is now known and as expected the ECB have sat on their hands and kept all...