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Markets are quiet this morning ahead of the more substantive data releases later today. US inflation figures await us this afternoon, as well as the Bank of Canada’s latest interest rate decision. The target rate on the Canadian Dollar is currently 3.75% and the BoC is expected to lower this by another 50 bps. Cracks in the Canadian economy, particularly in the labour market, have prompted the central bank to lower rates four times already this year, putting a lot of pressure on the Loonie. USDCAD is now approaching $1.42, a 7% increase year-to-date.
Of course, on the other side of the equation, we only have a week to go before the Fed’s next decision. Interest rate traders are now heavily pricing in a 25-bps cut but this could change if we see CPI figures significantly outside of expectations. Currency traders will also have to contend with the Swiss National Bank and European Central Bank on Thursday, both currently expected to enact 25-bps cuts of their own.
Gold finally perked up this week. After a couple of weeks in the doldrums, bullion prices experienced some long-awaited buying pressure, challenging $2,700 an ounce yesterday. The buying came on behalf of the People’s Bank of China, which resumed its accumulation of gold after a six-month hiatus. Silver prices also rose, flirting with $32 an ounce over the last few days. Bitcoin experienced a minor pullback early this week, as did the wider crypto markets.
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