USDCAD: open 1.4021, overnight range,1.4003-1.4107, close 1.4016, WTI $68.80, Gold, $2634.91
The Canadian dollar sell-off halted abruptly yesterday, and a wave of profit-taking gave the loonie a boost. Even so, the gains are likely temporary ahead of an expected Bank of Canada rate cut in December.
Canadian inflation data takes center stage. CPI is expected to have risen by 1.9% y/y in October, which is above the 1.6% result seen in September. Core CPI is forecast to be unchanged at 2.4%. The results should only have minimal impact because inflation is well within the BoC’s 1-3% target band. Policymakers are far more concerned about economic growth, and the September data is not available until November 29.
Oil prices continue to be a non-event. WTI drifted higher in a 68.49-69.38 band, but nothing really changed. The outlook for slow growth in China reducing its demand, combined with OPEC’s plans to boost prices, will continue to cap gains.
GBPUSD chopped about in a 1.2614-1.2689 range, with the peak seen in Asia and a subsequent drop into the New York opening. Sterling found some support from remarks by Bank of England policymaker Megan Greene, who emphasized that underlying inflation pressures call for caution in cutting interest rates.
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USDJPY fell from 154.70 to 153.28 due to a mix of safe-haven demand and BoJ rate hike expectations.
AUDUSD traded negatively in a 0.6682-0.6525 range. The Reserve Bank of Australia’s minutes from its November 5 meeting offered no new signals, and rates are not expected to be lowered until May 2025.
Today’s U.S. data includes Housing Starts and Building Permits.
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