Mike's Musings, Jan 21

 
 
 

TODAY's HIGHLIGHTs

 WEDS. JAN. 21ST

GBP Average Earnings Index: 1.7%(1.7%)

GBP Claimant Count Change: -24.2k(-29.7k)

GBP MPC Official Bank Rate Votes: 2-0-7(0-0-9)

GBP Unemployment Rate: 5.9%(5.8%)

CAD Wholesale Sales: 0.2%(-0.3%)

USD Building Permits: 1.06M(1.03M)

USD Housing Starts: 1.04M(1.09M)

CAD BOC Monetary Policy Report

CAD BOC Rate Statement

CAD Overnight Rate: 1.00%(0.75%)

CAD BOC Press Conference

 

 

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NORTH AMERICA

 

The Loonie has fallen nearly 3% this morning on the back of the surprise Bank of Canada move to cut the key interest rate from 1% to .75%. Growth forecasts have also been reduced for the Canadian economy, from an expected 2.4% down to 2.1% for 2015. Oil prices being soft has now done significant damage to the Canadian economy, and with the US expected to raise rates in 2015, we could see a significant shift to USD strength for 2015.

Support: 1.2200, 1.2000

Resistance: 1.2390, 1.2500

 

   
   

EMEA/ASIA-PACIFIC

The EUR remained steady overnight ahead of the ECB meeting. With speculation growing over the potential size of the QE program about to be launched, the currency remains vulnerable. The outlook continues to remain bearish for the EUR, even with a QE that is more to the moderate side of expectations.

The GBP remained steady as well, with some mixed data overnight. The unemployment rate dropped to 5.8%(the lowest in 6 years), however wage increases were lower than expected, and the BOE unanimously voted to keep the rates on hold at .5% for the first time since July. 

Written by mbrown@paylinebyice.com 

 

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