The post Canadian Dollar shuffles in place as markets buckle down ahead of Fed ‘dot plot’ update appeared on BitcoinEthereumNews.com.

Canadian Dollar trades steadily on Tuesday with little momentum. Canada brings strictly low-tier data to the table this week. Fed rate cut expectations still dominate market outlook. The Canadian Dollar (CAD) is trading mostly flat on Tuesday as investors stubbornly dig in their heels ahead of Wednesday’s key data prints from the US. US Consumer Price Index (CPI) inflation is slated for the midweek market session, followed by a fresh rate call from the Federal Reserve (Fed) that is broadly expected to hold rates in the 500-525 basis point range. Canada is limited to just low-tier economic data releases this week, except for a single showing from the Bank of Canada’s (BoC) Governor Tiff Macklem, who is slated to make an appearance on Wednesday. However, the BoC Governor’s statement is likely to get drowned out by market reactions to shifts in the Fed’s “dot plot” of Interest Rate Projections due at the same time as the Fed’s rate call this week. Daily digest market movers: Markets getting nervous ahead of mega Wednesday Fed showing CAD finds little reason to move, trades within a quarter of a percent against its peers. Canadian Building Permits surged by 20.5% in April, the highest MoM change in four years. Markets are hoping that US CPI inflation cools to 0.1% MoM in May, down from the previous 0.3%. US Core CPI is forecast to tick down to 3.5% YoY versus the previous 3.6%. Fed is broadly expected to keep rates where they are for now, but investors will be keenly focused on Fed’s updated “dot plot” on Wednesday. Rate markets see slightly better-than-even odds of at least a quarter-point cut from the Fed in September, according to the CME’s FedWatch Tool. Canadian Dollar PRICE Today The table below shows the percentage change of Canadian Dollar…

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Filed under: News - @ June 12, 2024 1:06 am