Daily Market News by Xtreamforex.com

**xtreamforex.com** · 10-20-2022, 06:52 AM

Canadian CPI for September was 6.9% YoY vs and expectation of 6.8% YoY and an August reading of 7%. The headline number was higher than expectations, it was the third straight month the inflation reading has declined since reaching a 39 year high in June. However, the core CPI increased to 6% YoY va an expectation of a drop to 5.7% YoY and an August reading of 5.8% YoY. The Canadian CPI release comes just hours after the UK reported an uptick in its inflation to 10.1% YoY.

As inflation continues to remain high in Canada, will the BOC be less aggressive, or pivot , as some have suggested after the RBA reduced its pace of rate increases at its last meeting? Expectations are closer to a 75bps rate hike than a 50bps rate hike when BOC meetings next Wednesday. Governor Macklem spoke earlier in the month and was hawkish, noting that further interest rate increases and warranted to tame inflation.

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**xtreamforex.com** · 10-25-2022, 10:44 AM

The Bank of Canada interest rate decision meeting will be held on Wednesday, October 26th. BOC Governor Macklem will follow with a press conference beginning at 11:00 ET.

BOC hiked rates by 75bps at their last meeting in September. This was the fifth consecutive rate hike and it brought rates to 3.25%, the highest since 2008. In addition, the BOC said that, given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. The Central Bank also said it will continue with its quantitative tightening program.

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**xtreamforex.com** · 10-27-2022, 06:57 AM

EUR/USD continues to power forward and has breached the parity line for the first time since 20th September. The euro is red hot, having gained 2.1% this week, as the USD has hit a dump in the road and is lower against all major currencies. In the North American session, EUR/USD is trending at 1.0069, up 1.02%.

The German economy, the largest in the eurozone, continues to show signs of weakness. September PMIs pointed to contraction in manufacturing and business activity, and these are unlikely to rebound as the Ukraine war continues and an energy crisis looms, with winter close by. The Ifo Business Confidence index fell for a fourth straight month in October and Gfk Consumer sentiment, which will be released today, is expected to remain deep in negative territory.

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**xtreamforex.com** · 10-31-2022, 07:11 AM

The RBA is set to hold their November meeting tomorrow and whilst the consensus is for a 25bp hike, it doesn’t mean they won’t do a 50bp one instead. Economists favor a 25bp hike, although money markets estimate a 51% chance of a 50bp hike tomorrow. It may be a closer call than economists think. And we’ll keep close eye on whether the RBA retain the comment of the 25 vs 50 being finally balanced. Overnight implied volatility has spiked higher ahead of the meeting.

It is expected that the RBA will repeat a second 25bp hike tomorrow and potentially even pausing in December. On one hand, Governor Lowe has said the RBA tend to forecast their policy on inflation expectations – which remain well anchored. On the other hand, if October’s debate for 25 to 50bp was finally balanced then it poses the question as to whether the strong inflation report tips the scale towards a 50bp hike .

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**xtreamforex.com** · 11-01-2022, 06:53 AM

Eurostat’s preliminary estimate indicated an acceleration of annual inflation in the euro region from 9.9% immediately to 10.7%. Economists are expecting no change, and the difference of 0.8 points is one of the most prominent indicators economists predict quite accurately on average.

But it’s not only this surprise that we want to point out, but also how fast price growth has spread beyond energy and food categories. Core inflation accelerated to 5% YoY in September, adding 0.6% MoM. Non-energy industrial goods rose at 1.2% MoM and 6.0% YoY.
These dynamics should signal that the ECB should not reduce the pace of monetary tightening.

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**odfamgaingnam30o** · 11-01-2022, 08:21 AM

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**xtreamforex.com** · 11-02-2022, 11:17 AM

The FOMC will conclude it’s monetary policy today. The expectation is that traders are pricing in nearly 90% odds of a 75bps interest rate hike, an expectation that was supported by the Wall Street Journal’s. Traders are currently pricing in a peak Fed Funds rate around 4.9% in May 2023, and this is where it’s more likely to see expectations shift in the wake of this week’s Fed meeting. Traders should be more focused on the Fed’s expected destination not the journey in the coming months.

The stakes couldn’t be higher for this month’s FOMC meeting. While the decision for a 75bps hike itself seems relatively straightforward, the accompanying statement and press conference will be closely monitored for any hints that the central bank is thinking of slowing the pace of rate hikes in the coming months.

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**xtreamforex.com** · 11-03-2022, 08:54 AM

Fed hiked rates by 75bp as highly expected. Powell delivered a hawkish message, emphasizing the need to tighten financial conditions further. We have not seen Fed make significant progress towards its goals over the past month. It is expected that a 50bp hike will come in February in addition to our earlier forecast for one more 75bp hike in December. Markets took FOMC statement not seriously, but the move faded during the press conference and EUR/USD declined below pre-meeting levels while 2y UST yield rose around 6bp. The forecast for EUR/USD is maintained at 0.93 in 12M.

Fed hiked rates by 75bp in its October meeting as widely expected. There was no updated ‘dot plot’ or economic forecasts. While Powell did acknowledge the downside risks to the economy, he also emphasized that it is very premature to be thinking about stopping.

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**xtreamforex.com** · 11-07-2022, 10:50 AM

Last week passed without any major movement. The main event was FOMC meeting of the US Federal Reserve at which it was unanimously decided to raise the key rate by 75 basis points to 4.00%. The highest level since 2008. Such a move was quite expected. Therefore, the subsequent press conference of the regulator’s management was of greater interest to market participants. Fed Chairman Jerome Powell said at the meeting that although inflation must be reduced drastically, monetary policy parameters can be changed as needed.

The DXY Dollar Index moved up, hitting 113.00. The US currency strengthened against all G10 currencies, except for the Japanese yen. Then a reversal followed, and before the release of the data on unemployment in the US on Friday, November 04, it fell to 112.35, and EUR/USD consolidated around 0.9800

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Canadian Inflation Higher than Expected

Bank Of Canada Hike Rate by 75 BPS

EUR USD | Euro US Dollar News

The RBA with a 25bp hike Expected

Euro area annual inflation up to 10.7% – European Union

FOMC Meeting, Expected Hike 75bps

Another FED Hawkish 75bp Hike Rates

Federal Reserve issues FOMC statement

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