The global PMIs have been rolling in throughout the day with the French one particularly weak and Europe showing signs of renewed softness. That hasn’t deterred the euro bulls as EUR/USD has climbed 50 pips to 1.0903, erasing yesterday’s decline.
That’s on general USD softness after China’s RRR cut and the US dollar side of the equation will stay in focus at 9:45 am ET with the release of the manufacturing and services PMIs from S&P Global.
At he same time, the Bank of Canada decision will be released. The consensus is no chance from 5.00% but the market is pricing in a 15% chance of a surprise cut. Beyond the decision itself, eyes will be on the statement and the new Monetary Policy Report, which contains the latest forecasts.
For more, see the economic calendar.