Daily digest market movers: USD/CAD pulls back on improving Canadian economic outlook
- The Canadian Dollar is moderately bullish on its way to complete a four-day winning streak, favoured by upbeat Canadian data.
- Canadian GDP expanded at a 0.6% pace in January, beating expectations of 0.4% growth and following a 0.1% contraction in December.
- US Jobless Claims declined to 210K in the week of March 22 from 212K in the previous week against market expectations of an increase to 215K.
- Continuous Jobless claims have increased to 1.189M from 1.795M in the previous week, offsetting the impact of the upbeat headline reading.
- The final reading of the Q4 US GDP has been revised to a 3.4% growth from the 3.2% expansion previously estimated.
- Futures markets are pricing a 55% chance that the Fed will start cutting rates in June, down from levels above 60% on Wednesday, CME Group FedWatch Tool shows.
- Fed Governor Christopher Waller warned that there is no rush to start cutting rates, which has poured some cold water on the market consensus of three rate cuts in 2024.
- The highlight of the week is that 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.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.