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> Central Banks > BOCs Macklem: Concerned that if not careful, the progress to price stability could stall Central Banks Press conference Q&A has begun <!--> --> <!--> --> We are concerned if we are not careful, the progress to price...
> Central Banks > Highlights of prepared remarks from BOC's Macklem press conference Central Banks BOC raise rates by 25 basis points to 5% today <!--> --> <!--> --> Further rate decisions will be guided by assessment of incoming data and...
The EURUSD is trading to a new session and 2023 high and in the process is extended to yet another target between 1.1094 and 1.11346. The high prices traded up to 1.1120 so far. A move above would have traders targeting 1.1184 followed by the 61.8% retracement of the...
The USDCAD is trading lower today help by softer US CPI data in a Bank of Canada which was a little bit more hawkish. They raise their inflation forecasts for 2024 and also picked up the GDP. They also commented that inflation although lower due to energy prices was...
Crude oil sees a build of 5.946M versus 0.483M estimategasoline inventories draw of -0.003M versus a drawdown of -0.727M estimateDistilates inventories see a build of 4.815M versus a expected draw of -0.262M estimateIn late NY session news yesterday, the private API...
Bank of Canada monetary policy report forecasts:CPI (Consumer Price Index): Sees higher inflation in 2024 and 2023 to remain elevated at 3.7%2023 CPI: Projected at 3.7%, matching consensus expectation (BoC's previous forecast was 3.5%).2024 CPI: Projected at 2.5%,...
The Bank of Canada lifted rates by 25 basis points to 5.0% as expected.The full statement from the BOC:The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its...
The BOC interest rate decision is minutes away. The expectations are for a 25 basis point hike to 5.0%. This would be the 2nd consecutive hike after 2 meetings where they kept rates unchanged.The USDCAD is trading at session lows at 1.3185. The 50% midpoint of the...
ECB's Lane is a speaking and says:The typical length and monetary transmission mean that full economic impact of tightenings over the last year will only play out over the next couple of yearsIn relation to the banking channel, transmission will continue to strengthen...
US stocks have opened sharply higher and in doing so both the S&P and the NASDAQ have hit new highs going back to April 2022.A snapshot of the market 11 minutes into the U.S. Open is showing:Dow Industrial Average is up 267.24 points or 0.78% at 34528.67S&P...
ECBs Vlucic is on the wires saying:Latest reading is maybe pointing to services sector softening.September meeting is very openI put more weight on observables, like inflation data and real activity, and lending dataChina is risk to GDP outlookSlowing down pace of...
Minneapolis Fed Pres. Kashkari is speaking and says:If high inflation persists, that may need to raise rates further.Fight against inflation must succeed.Higher rates could increase pressure on banks.Bank supervisors should ensure all banks are prepared to withstand...
The GBPUSD is moving sharply higher after the better-than-expected CPI data and in the process is looking to test the next swing area targets on the daily chart up to the 1.29987 level. Of course, the natural resistance at the 1.3000 level is also a key target. The...
The major stock indices are set to open higher after the better-than-expected CPI data this morning.The futures are currently implying:Dow Industrial Average up 250 pointsS&P index up 41.5 pointsNASDAQ index up 172 points.The major indices have been up for 2...
The EURUSD is moving higher after the better-than-expected CPI data. On the move to the upside, the price is testing a swing area between 1.10669 and 1.1075. That area comes before the extremes for the year between 1.1091 and 1.1095.Buyers remain in firm control....
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And so suddenly the JPY became the star currency among the majors. The movement from 145 to today’s 139.64 reminds us a lot of the autumn of 2022 when a resounding BOJ intervention helped kick-start the temporary appreciation of the Japanese currency. In that...
The 1st comments from a Fed official post the CPI comes from Richmond Fed Pres. Barkin who simply says:Inflation is still too highDemand remains elevated at the same time supply is constrained, process of getting back to balance has been slowDemand seems to be...
Prior 4.0%CPI MoM 0.2% % versus 0.3% expectedPrior MoM 0.1%CPI YoY 3.0% versus 3.0% expectedCore CPI MoM 0.2% versus 0.3% expected. Last month 0.4%Core CPI YoY 4.8% versus 5.0% expected. Last month was 5.3%Shelter 0.4% versus 0.6% last month. Year on year 7.8% versus...
On the economic calendar, the US CPI data will be released at 8:30 AM. Although the numbers are not likely to impact the July Fed decision (a 25 bp hike is pretty much all baked in the cake), it COULD be a difference between one more hike and no more hikes in 2023....