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The Canadian Dollar tilted into the red across the board on Monday. Canada delivers its latest CPI inflation data this week. A speech from BoC’s Macklem and Canadian Retail Sales data due on Friday. The Canadian Dollar backslid to kick off the trading week, falling into the low end on Monday across the major currency board as CAD traders gear up for a fresh round of Canadian Consumer Price Index (CPI) inflation figures due during the mid-week phase. Canada releases its latest inflation figures on Tuesday, with the Bank of Canada (BoC) set to deliver their own core CPI basket print at the same time. Later in the week, Canadian Retail Sales figures will be released on Friday, alongside a fresh appearance from BoC head Tiff Macklem. Of course, the key event for global markets this week will be the US Federal Reserve’s (Fed) highly-anticipated rate cut due on Wednesday. Daily digest market movers The Canadian Dollar eased back on quiet Monday flows. Canadian MoM CPI inflation due on Tuesday is expected to ease back to 0.1% in August compared to July’s 0.4% print. Global markets have pivoted towards the Fed’s upcoming rate call on Wednesday, crimping the likelihood of meaningful chart moves beforehand. Market participants are increasingly convinced that the Fed will kick off the next rate cutting cycle with a 50 bps cut on Wednesday with only 40% odds of a 25 bps cut according to the CME’s FedWatch Tool. A speech from BoC Governor Macklem and the latest Canadian Retail Sales figures are slated for Friday. Economic Indicator BoC Consumer Price Index Core (MoM) The BoC Consumer Price Index Core, released by the Bank of Canada (BoC) on a monthly basis, represents changes in prices for Canadian consumers by comparing the cost of a fixed basket of…

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Filed under: News - @ September 16, 2024 7:29 pm