Today’s Inflation Data and Bank of Canada Rate Decision

Written by

Anthony Bull

Daily Currency Update

Today’s Inflation Data and Bank of Canada Rate Decision

Today’s focus is on U.S. Consumer Price Index (CPI) data and the Bank of Canada (BoC) interest rate decision. Inflationary pressures in the U.S. will provide insights into the Federal Reserve’s next steps. The BoC’s monetary policy will shape the Canadian dollar’s movement. Energy markets are firming, and metals remain steady, with gold slightly dipping ahead of the data.

Person checking October 10 Market Update on mobile, featuring a financial chart displaying CPI, energy prices, and currency movements data.

Key Data Out Today

  • U.S. CPI (November):
    • Monthly CPI expected: 0.3% (previous: 0.2%)
    • Annual CPI expected: 2.7% (previous: 2.6%)
    • Core CPI YoY: 3.3% (unchanged)
  • Canada:
    • BoC Interest Rate Decision: Forecasted to drop to 3.25% from 3.75%
    • BoC Monetary Policy Statement
    • BoC Press Conference

Energy & Precious Metals

Currency Movements

EUR/USD

  • The euro trades at 1.0524, down 0.04%. CPI data from the U.S. will determine the pair’s next move. (EUR/USD Chart)

GBP/USD

  • The pound remains stable at 1.2765, down 0.05%, with little movement expected before the BoC decision. (GBP/USDLive Rates)

AUD/USD

  • The Australian dollar is weaker at 0.6369 (-0.13%), pressured by lower commodity prices. (AUD/USD Analysis)

NZD/USD

  • The New Zealand dollar trades at 0.5789, losing 0.09%, reflecting risk-off sentiment. (NZD/USD Chart)

USD/JPY

  • The yen holds at 151.77, reflecting cautious optimism ahead of U.S. inflation data. (USD/JPY Overview)

USD/CNY

  • The yuan trades at 7.2520, slightly weaker as markets eye inflation updates. (USD/CNY Live Chart)

USD/CHF

USD/CAD

  • The Canadian dollar trades at 1.4168, as the BoC’s rate decision remains the primary focus. (USD/CAD Chart)

USD/MXN

  • The Mexican peso is at 20.16, gaining on expectations of steady economic performance. (USD/MXN Analysis)

USD/INR

  •  The Indian rupee holds at 84.83, reflecting resilience despite a strong dollar. (USD/INR Trends)

Things to Keep a Watch On:

  1. U.S. CPI: Could confirm or challenge the Federal Reserve’s inflation outlook.
  2. BoC Rate Decision: Will likely impact USD/CAD dynamics significantly.
  3. Energy Prices: Crude and gas remain sensitive to demand-supply balances.
  4. Safe-Haven Flows: Watch gold and yen as markets digest inflation data.

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