The Bank of Canada will hold a policy meeting today and is expected to keep its overnight rate at 5%.
➡️ The Bank of Canada will meet today to decide whether to keep the overnight rate at 5%. This is widely expected to happen.
➡️ Australian CPI (inflation) data released a few hours ago showed that annualized inflation rose more strongly than expected, from 5.2% to 5.6% rather than 5.3%. This has increased sentiment towards the expectation of further rate hikes, which has pushed the value of the Australian dollar higher today.
➡️ Bitcoin remains strong near $35,000 after hitting a new 5-month high a few days ago. This will be interesting on the long side for trend traders. This increase was attributed to BlackRock's listing of its Bitcoin ETF on the Depository Trust & Clearing Corporation database, sparking intense speculation that the first Bitcoin ETF could soon be approved for retail investors.
➡️ In the Forex market, the USD/JPY currency pair continued to trade within a tight range just below the big round number of ¥150.00, after previously threatening a major bullish breakout to new 20-year-plus highs. This also raised the prospect of intervention by the Bank of Japan. Since Tokyo opened, the strongest major currency has been the Australian dollar, while the Canadian dollar has been the weakest.
➡️ Stock markets are mixed, with the main Asian indices opening the day higher, but the main US indices such as the NASDAQ 100 and the S&P 500 are trading lower during the same period.
➡️ The prices of some soft commodities continued to rise significantly, along with futures of cocoa and sugar which reached or approached new long-term highs.
➡️ The ifo data on the German economic climate will be published later today.
Credit by DailyForex.com