The central bank waltz continues this morning, with the Key Rate Decision from the Bank of Canada. Since the last meeting on July 17, Canadian indicators have been lacklustre to say the least; 39,000 jobs lost, retail sales down -0.6% month over month and wholesale sales down -2.8%. We are waiting with bated breath to see whether or not the BoC perceives these figures as only a temporary setback. That being said, what we will be paying closer attention to in the announcement is the tightening bias in interest rates. If it remains in place, we can expect a slight downturn in the USD/CAD pairing, until it resumes its rise from anticipated changes to the Fed's quantitative easing measures. If the bias is removed, we will move past the peak seen in July. At the moment, the loonie is up 0.4% over yesterday, trading toward the bottom of the range seen since August 23.
Overnight, a number of Manufacturing PMI Indexes were released on the Old Continent. The EUR/USD decided to shrug off the good news, remaining stable since the plunge seen in recent days.
In addition to the Bank of Canada, today will also feature U.S. Balance of Trade numbers and the Fed's Beige Book. Wishing you a great day! Gardy Pharel
Range of the day: 1.0450-1.0610
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NBC Daily Forex : September 04, 2013
Published 09/05/2013, 01:05 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : September 04, 2013
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