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Attention on Canada and the BOC's Policy Rate?

Market Report

Attention on Canada and the BOC's Policy Rate?

09.06.2021

Today's Highlights
  1. Canada: BOC Policy Rate & Statement Announcement
  2. U.S. Weekly Crude Oil Inventories

Yesterday, both European and U.S. markets saw mixed trading with little overall movement; the German DAX, which had been on a downward trend, continued to fall, closing at 15,640.WTI crude oil broke through the key $70-per-barrel level and is currently trading at $70.50. Expectations for a recovery in demand are rising as restrictions on economic activity are eased. Gold pulled back slightly from its recent highs and has now fallen below the key $1,900 level, trading in the $1,894 range.

In the foreign exchange market, European currencies are showing strength, and the euro is rising against the U.S. dollar.The EUR/USD pair is currently trading around 1.218. From a technical perspective, it appears to be finding support at the 20-day moving average on the daily chart, so it will be worth watching to see if it breaks through last month’s high. However, with the ECB’s policy rate announcement scheduled for tomorrow, it’s important to keep in mind that the market may not show a clear direction today.

Today, Germany’s trade balance and Japan’s machine tool orders are scheduled for 3:00 p.m., the U.S. MBA Mortgage Applications Index for 8:00 p.m., the Bank of Canada’s policy rate and U.S. wholesale inventories (final figures) for 11:00 p.m.,at 11:30 p.m., U.S. weekly crude oil inventories; and at 2:00 a.m., a U.S. 10-year Treasury auction. While Canada’s policy rate is expected to remain at 0.25%, the same as the previous meeting, attention will focus on what the central bank says during the press conference regarding the tapering of quantitative easing and potential interest rate hikes.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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