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Forexlive Americas FX news wrap: Bank of Canada said future easing would likely be gradual

Started by forex4you, Jun 20, 2024, 05:04 am

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Forexlive Americas FX news wrap: Bank of Canada said future easing would likely be gradual

Markets:

  • Gold down $2 to $2326
  • Canada 5-year yields up 3.6 bps to 3.32%
  • WTI crude oil down 10-cents to $81.47
  • AUD leads, NZD lags
  • Toronto TSX down 0.5%

The US was closed for holiday and the market was predictably quiet, even before Europe left for the day.

There were some bids in USD/JPY as the pair crept back over 158.00, perhaps owing to reports of problems at a bank in Japan. The broader theme was mild US dollar strength in North American trade but the moves were minor and might have been no more than the usual ebb and flow.

The Canadian dollar strengthened early in the day but then gave most of it back. Market pricing suggests a 65% chance of a cut next month but the minutes highlighted a preference to move more slowly. Macklem scheduled a speech for June 24 so that and Friday's retail sales report will be the next opportunity to adjust.

It was tough to detect an overall risk trade but European and Canadian equities were lower and the kiwi slumped late in the day. Personally, I wouldn't read much into anything without the US in the mix.



                This article was written by Adam Button at www.forexlive.com.

Source: Forexlive Americas FX news wrap: Bank of Canada said future easing would likely be gradual

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