Daily digest market movers: The USD/CAD treads water with investors awaiting US PCE Inflation data
- The Canadian Dollar is moving sideways with the US Dollar nudging higher in a quiet trading session.
- EIA Crude Oil stocks increased by 3,165 million Barrels in the week of March 22 against market expectations of a decline of above 1,275 million Barrels.
- Bank of Canada Senior Deputy Governor Rogers has warned that low productivity is going to be a hindrance to economic growth.
- On Tuesday, US macroeconomic releases showed mixed figures, with Durable Goods Orders increasing beyond expectations while the Conference Board’s Consumer Confidence contracted unexpectedly.
- According to the CME Group FedWatch Tool, markets are pricing more than a 60% chance that the Federal Reserve will start cutting rates in June, which is keeping USD bulls in check.
- The highlight of the week will be the US PCE Prices Index, the Fed’s inflation gauge of choice, which is expected to have accelerated at a 2.5% yearly pace in February from 2.4% in the previous month.
- The core PCE Prices Index is expected to have risen at a 2.8% yearly pace and 0.4% on the monthly rate in February, from 2.8% and 0.3%, respectively, in January
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