020 7898 0500The Canadian dollar gained traction against its US counterpart after the Bank of Canada kept interest rates at 0.5%, claiming that there was no added risk of inflation. The hawkish comments saw the US dollar fall against the Canadian dollar by 0.53%. Further support for the Canadian currency came as oil prices held firm, due to continued hopes of production cuts. The Australian dollar also continued to gain in strength despite data for home loans coming in at -3.9%, lower than the expected -2.7%.
Today we will see the release of Chinese Consumer Price Index (CPI) data, which is expected to be 1.8%, unchanged from last month, and Chinese Producer Price Index (PPI) data, which is expected to be -4.9%, a slight increase from last month’s -5.3%. Governor Stephen Poloz from the Bank of Canada is also due to speak later in the day, which may cause some market fluctuations.
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