USD/CAD trades steady near 1.3740 as the Bank of Canada holds rates at 5.00% with a dovish tilt suggesting possible cuts later this year, while the U.S. Fed keeps rates at 5.25%-5.50%, signaling only one cut in 2024. Market focus shifts to upcoming economic data and oil price swings impacting the loonie.
The ASX is set for gains this week, riding on Wall Street’s strong finish and growing anticipation that the US Federal Reserve will soon cut interest rates. Cooling inflation and steady jobs data are fueling optimism for a Fed pivot, which could boost global markets and support Australia’s miners and banks. Investors are watching closely as shifting policy expectations reshape market dynamics.
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Forex markets gear up for key events: Bank of Canada’s December meeting hints at steady rates but dovish signals; Federal Reserve expected to hold rates yet markets price possible cuts in early 2025; Oracle earnings also in focus. Detailed analysis by Skerdian Meta, FXLeaders.com.
Currency markets remain cautious as the FOMC meeting approaches, with EUR/USD, GBP/USD, and EUR/GBP showing subdued volatility. Traders await Fed guidance on interest rates and economic projections, which could drive near-term moves. EUR/USD hovers near resistance at 1.0850, GBP/USD consolidates amid mixed signals, while EUR/GBP reflects divergent ECB and BoE outlooks. Market reaction to the FOMC will be key for defining the trend ahead. #Forex #FOMC #EURUSD #GBPUSD #EURGBP
Bank of Canada holds interest rates steady at 5.00%, marking the sixth consecutive pause amid signs of a resilient economy and easing inflation. While headline inflation falls toward target, core inflation remains above 2%, prompting cautious optimism and close monitoring of future data.
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SocGen forecasts a stronger yen as the USD/JPY heads lower through 2024-25, citing a shrinking policy gap: Fed rate hikes peaking and the Bank of Japan signaling possible easing of ultra-loose measures. Key shift points ahead for FX markets.
European equity markets were mostly flat as economic uncertainty persists. Aerospace and defense stocks outperformed, led by BAE Systems and Leonardo, amid rising defense budgets and geopolitical tensions. Investors favor sectors with resilient public spending outlooks.
Markets remain steady as investors await the June FOMC meeting. The US Dollar Index (DXY) consolidates near 105, balancing labor market strength against inflation concerns. GBP/USD trades in a tight range, reflecting central bank divergence and cautious sentiment ahead of key Fed guidance.
