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Bank of Canada’s Poloz Softens Expectations | Trump Unveils U.S. Tax Plan

Published September 28, 2017
  • A dovish Poloz suggested yesterday that BOC monetary policy will remain data dependent, which cooled market expectations of an October interest rate hike and saw USD/CAD trade higher
  • Trump’s tax plan was also announced yesterday, which gave a boost to the U.S. dollar and equity markets, though USD lost some steam overnight. The plan calls for a simplification of personal taxes and reduction in corporate tax rates from 35% to 20%, though the proposal is still in the very early stages
  • The data calendar today is largely made up of mid-tier releases, apart from U.S. GDP (3.1% vs. expected 3.0%) and Unemployment Claims (272K vs. expected 269K), neither of which caused much of a stir
  • Oil prices continued to march higher this morning after Iraqi Kurdistan voted in favor of independence, which led to Turkey threatening to close the region’s oil pipeline. WTI crude is up 0.90% to $52.61 (9:42AM EST) and Brent is up 0.98% to $58.47 (9:42AM EST)