Kickoff to a busy week
This week will be of crucial importance from a political and economic standpoint. To start things off this morning, representatives of some 175 countries are meeting in France to discuss climate change. From a Canadian standpoint, it will be interesting to see how the new Canadian climate policy is structured.
Next, International Monetary Fund officials are also meeting today to decide whether the Chinese yuan will officially join the IMF’s basket of reserve currencies, which to date consists solely of the USD, EUR, JPY and GBP. A move here would be a significant acknowledgement of China’s role in the global economy and should ultimately lead to an increase in demand for the CNY on markets.
Later this week, the European Central Bank will announce its key rate decision and how large its quantitative easing program will be. Most observers expect the reinjection of funds to be stepped up from the current 65 billion euros, putting even more downward pressure on the EUR.
There are few major economic indicators on tap today, except for U.S. Pending Home Sales at 10 a.m.
