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CAD is weakening before BoC monetary decision. What comes next?
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAG/USD: Silver continuous to stand between 38.2% and 23.6 retracement area. The last day bulls have returned and try to gain control.
EU Market View
The USD 1.9tln relief bill passed the procedural hurdle in the House which paves the way for a 2-hour debate and final vote on Wednesday morning. Asia-Pac markets traded with a slight positive bias following on from the gains on Wall Street where stocks were led higher by an aggressive resurgence in technology sector. European stock markets are seen opening lower Wednesday, struggling to maintain the momentum seen on Wall Street overnight amid worries of a slowing economic recovery.
Eurozone quarterly GDP was revised down to -0.7% in the fourth quarter on Tuesday from the preliminary reading of -0.6% despite stronger growth from Germany, as the lockdowns across the euro area weighed on growth. EU leaders have been under pressure over the slow rollout of Covid-19 vaccines on the continent, compared with the UK, where a third of the adult population have now received their first dose.
Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next.
Looking ahead, highlights from macroeconomic calendar include US CPI, BoC rate decision. The Bank of Canada is set to leave interest rates unchanged but acknowledge robust growth prospects. The BoC is set to release updated growth and inflation forecasts, and these will likely be upgraded. BoC Governor Tiff Macklem, who holds a press conference after this publication, will find it hard to answer questions about desired low yields just after presenting a rosy picture.
EU Key Point
- German health minister says will not see 10 million vaccinations per week in April.
- Eurostoxx -0.5% in early European trading.
- Dollar holds firmer ahead of European trading.
- Germany reports 9,146 new coronavirus cases, 300 deaths in latest update today.
- China stock markets recovering earlier losses.
- Bank of Canada monetary policy decision due Wednesday 10 March 2021.
- RBA says a tight labour market is key to driving higher wage growth.
- Yellen promises to get $350bn in aid to state, local governments as quickly as possible.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus