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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Markets Prepare for Today’s Bank of Canada Rate Decision

Published July 12, 2017
  • The Bank of Canada’s interest rate decision is scheduled for 10:00AM EST this morning, with expectations that the BOC will raise the benchmark rate by 25 basis points to 0.75%
  • Market expectations of a rate hike began last month after Governor Poloz stated that “the interest rate cuts we put in place in 2015 have largely done their work.”
  • Markets will also be paying close attention to U.S. Fed Chair Yellen’s monetary policy testimony before the Senate Banking Committee, looking for hints on the timing of future rate hikes
  • Oil prices are up this morning after yesterday’s American Petroleum Institute (API) reported decline in U.S. crude oil inventories
  • GBP reversed losses this morning on positive UK jobs numbers
  • Pound Sterling had dipped in early trading after the Bank of England gave no indication it would increase interest rates