Stock exchanges and crude oil prices nudged upward yesterday, with the euro down against the U.S. dollar. According to many analysts, the outcome of the French presidential elections should simplify the work of the European Central Bank, which could gradually follow in the footsteps of the U.S. Federal Reserve (Fed) by adopting a more restrictive monetary approach.
In economic news, we’ll be keeping an eye on comments from three Fed members today, who will be speaking at 9 a.m., 1 p.m., and 4:15 p.m. respectively. A great deal of volatility is therefore to be expected with bond markets and the U.S. dollar over the day. The next Fed meeting will be held on June 14 and the futures market is pricing the likelihood of a rate hike at 100%. The next Bank of Canada meeting is scheduled for May 24.
The Canadian dollar and crude oil are stable this morning, with the euro down slightly against the greenback.
