Daily digest market movers: Thin data in US trading session leaves markets looking ahead
- Markets remain thin in the US market session, Canadian Dollar flattens against USD and Euro (EUR).
- Suspected intervention in global markets by the Bank of Japan (BoJ) on behalf of Japanese Yen (JPY) roiled Pacific markets, leaving a volatility vacuum in its wake.
- Tuesday’s Canadian MoM GDP is expected to decline to 0.3% in February after January’s 12-month high of 0.6%.
- Bank of Canada (BoC) Governor Tiff Macklem will be testifying alongside Senior Deputy Governor Carolyn Rogers before the Canadian government’s Standing Senate Committee on Banking, Commerce, and the Economy on Wednesday.
- BoC’s reporting is widely expected to get drowned out by markets focusing on Fed’s latest rate call, also scheduled on Wednesday.
- According to the CME’s FedWatch Tool, rate markets currently see around 58% odds of first rate cut in September.
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