Canadian CPI data will be released today, which is expected to show the pace of inflation slowing from a monthly increase of 0.5% to one of 0.3%.
- There will be a release of Canadian CPI (inflation) data today which markets are expecting to show a slowdown. The previous monthly increase was 0.5%. It is expected to be 0.3%. The Governor of the Bank of Canada stated earlier that it is reasonable to expect further rate cuts, so if the number is even lower than expected, we can expect a weaker Canadian Dollar later.
- The Japanese Yen remains weak, with the benchmark USD/JPY currency pair consolidating not far from the big round number at ¥160. There may have been some covert intervention by the Bank of Japan yesterday which briefly pushed down the price, only to see it rebound immediately. Japan seems to be defending the ¥160 area, but the market tends to feel that the decline in the Yen has further to go, possibly even to a near 40-year high at ¥170. Trend traders will still want to be long of this currency pair, although intervention by the Bank could send the price sharply lower in a matter of minutes.
- US stock markets closed firmly lower yesterday led down by concerns over tech stocks, with NVIDIA selling off sharply and the NASDAQ 100 Index closing lower by more than 1%. However, major Asian indices are mostly closing higher right now.
- WTI Crude Oil continues to look strong after making a near 2-month high price yesterday. The price is supported by continuing tension between Israel and Lebanon which is seen as possibly erupting into a much more destructive war between the two countries.
- In the Forex market, the Australian Dollar is the strongest major currency since the Tokyo open, which the New Zealand Dollar is the weakest. However, these gains and losses are relatively small so may not mean much.
Ready to trade our Forex daily analysis and predictions? Here are the best regulated trading brokers to choose from.