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Week ends off on Hawkish central banks

Posted on: June 16, 2017

The BoJ closed the busy week of central bank decisions earlier this morning, maintaining its current monetary policy program and leaving rates unchanged at the current level of -0.1%. In a modest note, it raised outlook on private consumption which has seen its best gains in 7 months, where steady gains are being seen in jobs and income. In the European Union, EUR rallied on the back of news that Greece would receive financial assistance of EUR €8.5 billion in new loans, which temporarily diverts uncertainty over whether the sovereign could fulfill large bond payments due in July (€7.0 billion).

Down south the only data point coming out of the US is housing starts which came in at 1.092M in May vs 1.215M starts expected. This marks three straight months of declines for new-home construction which could be an impediment on Q2 growth going forward.

CAD saw a small boost versus the USD with a rise in oil prices overnight. The Loonie has also been boosted this week by the hawkish sentiment from the BoC. Participants are feeling uneasy and might be rethinking their short positions as there is an 79% probability of a rate priced in by December, versus 30% a week ago. Major support for the pair is at 1.3163, any break below this level will see next support at 1.3100. Resistance is seen at 1.3304.

Have a great weekend!

  • Yesterday’s NA Range: 1.3262 – 1.3308
  • Asia Range 1.3251 – 1.3272
  • London Range 1.3240 – 1.3265

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