Statistics Canada will release September Consumer Price Index data on Wednesday, October 19 at 12:30. Following is the expectations by economists from and researchers of seven major banks regarding the upcoming Canadian inflation data.Headline inflation reading is expected to fall two ticks to 6.8% year-on-year, while Core inflation, which excludes …
Read More »BoC: Though inflation eased, it is still elevated
The Bank of Canada released on Monday the Business Outlook Survey for Q3. The report says that “business confidence has softened”, “many firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels”.The USD/CAD hovers near daily lows after the release hovering around 1.3735, …
Read More »US banks’ profits slide on negative economic expectations
Q3 earnings and profits slid at Wall Street’s biggest banks as they anticipate weaker economy while investment banking was hit hard, but investors saw a small glimpse of light with some banks beating estimates.Central banks fight inflation which is expected to cause an economic slowdown. Fed raised interest rate from …
Read More »Market Drivers – US Session 13/10/2022
US inflation on Thursday was behind some wild, volatile moves. Fed is widely expected to decide a 75 bps rate hike in November and a peak policy rate of 4.85% in March 2023. The initial reaction to CPI data release the news was negative. Wall Street retreated, yields soared, and …
Read More »AUD/USD surges post FOMC Minutes
The AUD/USD benefited from the FOMC minutes that investors are digesting and that are seen as less hawkish.At the time of writing, AUD/USD is trading at 0.6285, a touch below the post-FOMC minute’s highs of 0.6298. The pair have travelled between a low of 0.6235 and 0.6298 so far.AUD/USD has …
Read More »Why Is IMF Warning Of Tough 2023?
The International Monetary Fund has reduced its forecast for the global economy, but this time with a loud warning, claiming that “The worst is yet to come, and for many people 2023 will feel like a recession”. “More than a third of the global economy will contract this year or …
Read More »Fed’s Mester: Risk ahead if Fed doesn’t sufficiently hike rates
Federal Reserve Bank of Cleveland President Loretta Mester reiterated on Tuesday that policymakers have not achieved much in their endeavors nor made any progress on lowering inflation.The US Dollar Index stays under bearish pressure despite these hawkish comments and was last seen losing 0.43% on the day at 112.70.Key Quotes“Monetary …
Read More »China is accelerating the pace to control new Corona cases across the country
Coronavirus cases are increasing across China, prompting many local authorities to tighten control over movement. According to a model from Nomura, about 4.8% of China’s GDP was negatively affected by COVID controls as of Monday, October 10. This is up from 4.3% last week. According to official announcements, three districts …
Read More »German Gas Commission Experts: First relief measure should be in place by end-2022
After 35 hours of consultations, the German Gas Committee on Monday presented its statement to the German government regarding its recommendations for the terms of the gas price support program in Germany. The committee’s statement addressed the following points: The cost of the proposed gas price support package is estimated …
Read More »Turkey’s unemployment rate drops to 9.6% in August
Data on Monday, October 10 showed that Turkey’s unemployment rate fell 0.4 percentage points month-on-month to 9.6% in August, while the seasonally adjusted underutilization of the labor force fell to 19.8%. The rate of incomplete exploitation of the labor force, which amounted to 22.4% in July, has taken a downward …
Read More »