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USD/CAD Steady Before Bank of Canada & US Federal Reserve Statements

Published May 24, 2017
  • The Bank of Canada is set to release its interest rate statement today at 10:00 AM EST and is universally expected to keep rates at 0.50%
  • Markets will analyze how much the BoC focuses on Canadian inflation numbers, consumer indebtedness, and the recent financial troubles of mortgage lender Home Capital Group
  • The Federal Reserve will release its meeting minutes from their May meeting today at 2:00 PM EST; analysts and investors will pay close attention to the language in the minutes to gauge the Fed’s stance on further monetary tightening
  • Likelihood of a June rate hike now stands at 83.1%; recent mixed economic data from the US economy and increased political turmoil from the Trump Administration have caused doubts that the Fed will be able to raise the interest rate two more times in 2017 as planned
  • Oil prices remain mixed this morning; positive sentiment for the commodity is raising oil prices ahead of tomorrow’s OPEC meeting in Vienna while bearish news from the American Petroleum Institute (API) yesterday is weighing prices down
  • API data showed US oil inventories only fell by 1.5 million barrels versus an expected 2.7 million barrels; the US Energy Information Administration is set to release count of US oil inventories today at 10:30 AM EST
  • Prices for metal commodities moved lower this morning after Moody’s downgraded China’s credit rating from Aa3 to A1; the strength of the Chinese economy often dictates prices for metal commodities as the fast-paced Chinese development of the past 20 years has greatly induced demand