NZD/CAD news and strategies from FBS analysts
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
The Bank of Canada ended its bond-buying stimulus program and accelerated the potential timing of future interest rate increases. Traders await the ECB meeting and the release of lower than expected US advance GDP growth.
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