The BoC could follow the Fed with a jumbo rate cut
The post The BoC could follow the Fed with a jumbo rate cut appeared on BitcoinEthereumNews.com.
There was no change in the FX world, which saw the US Dollar gather extra steam for yet another session and clinch fresh tops as investors continued to factor in the “Trump trade”, further easing by the Fed and key upcoming US data releases. Here is what you need to know on Wednesday, October 23: The US Dollar Index (DXY) rose further and finally broke below the key 104.00 barrier, reaching new highs despite yields eased marginally. The usual weekly Mortgage Applications tracked by MBA are due seconded by Existing Home Sales, and the EIA’s weekly report on US crude oil inventories. In addition, the Fed’s Bowman and Barkin are due to speak. EUR/USD maintained its bearish tone unchanged and dropped to new lows around 1.0800. The advanced EMU’s Consumer Confidence will be published, seconded by speeches by the ECB’s Lagarde, Cipollone and Lane. GBP/USD added to Monday’s losses and retreated slightly, briefly visiting the proximity of 1.2940. Next on tap across the pond will be the release of advanced S&P Global Manufacturing and Services PMIs on October 24. USD/JPY picked up further upside momentum and surpassed the 151.00 hurdle following the extra improvement in the US Dollar. Next on the Japanese calendar will be the weekly Foreign Bond Investment figures along with the preliminary Jibun Bank Manufacturing and Services Index on October 24. AUD/USD managed to regain balance and bounced off the 0.6650 zone to retest the area close to the key 0.6700 barrier. The flash Judo Bank Manufacturing and Services PMIs will come next on the Australian docket on October 24. WTI prices rose markedly, adding to Monday’s uptick and reaching levels past the $72.00 mark per barrel on the back of escalating tensions in the Middle East and Chinese stimulus. Gold prices rose to an all-time high…
Filed under: News - @ October 22, 2024 7:22 pm