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ECB leaves rates unchanged

Posted on: January 19, 2017

Central Banks continue to be the flavour of the week, with the Bank of Canada leaving rates unchanged as expected yesterday. However, Poloz dropped the anvil on CAD once again by stating that a rate cut remains on the table should downside risks materialize. While it was far from an earth shattering statement, it was all the market needed to sell CAD aggressively on a day where USD was well bid against most crosses. This morning it was the ECB’s turn at the table, with Draghi leaving rates unchanged and maintaining the asset purchase program.

On the data front we saw positive prints on both sides of the border this morning. In Canada, we saw Manufacturing Sales surprise to the upside, while south of the border Housing Starts, Initial Jobless Claims and Philly Fed were all better than expected. Tomorrow we have Canadian CPI numbers as well as Retail Sales, but the big event will be the Trump Inauguration, more specifically his address. Detailed references to protectionism and border taxes should be bearish for CAD and MXN, while if he takes a step back from his rhetoric we could see the USD give back gains across the board.

  • Yesterday’s NA Range 1.3056– 1.3271
  • Asia Overnight Range 1.3253– 1.3285
  • London Overnight Range 1.3255– 1.3322


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