ForexLive North American wrap: Bank of Canada shifts hawkishly

View Comments

  • BOC holds rates, says rate hike ‘may become appropriate’
  • Schaeuble says Spain does not need a bailout
  • ECB’s Ordonez says it’s reasonable to expect that Spanish reforms are enough
  • Italy to miss deficit targets
  • US March housing starts 654K vs 705K exp
  • US industrial production 0.0% vs +0.3% exp
  • Canadian Feb manufacturing sales -0.3% vs -0.3% exp
  • IMF raises global growth forecast to 3.5% from 3.3%
  • IMF calls for unconventional policies and rate cuts from ECB
  • Obama dreams up scheme to regulate oil markets
  • ECB’s Constancio: markets may be overreacting to Spain
  • Spain’s Rajoy says it’s a new episode of the credit crunch
  • Egan-Jones downgrades Spain
  • Spain reveals bank recapitalization plans
  • S&P 500 gains 1.5% to 1390
  • CAD leads, JPY lags

Another whippy day for EUR traders. Started at 1.3130 and then tried to make a break for 1.31 at the NY options cut (a time that has been volatile this week) but the down-move was reversed up to 1.3156, setting the range extremes for the session. Afterwards, it was a chop to 1.3127, almost exactly where the US session began.

USD/JPY made a choppy but steady climb higher to 80.90 from 80.65 as risk appetite and stocks made headway.

USD/CAD fell to 0.9864 from 0.9950 after the BOC decision, endangering the 0.9845 rangebottom. Later, USD recovered to 0.9900.

Gold crashed $20 to $1634 before jumping right back to $1650 in what looked like someone trying to unload a position.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


All|Americas|Forex Headlines|Regions

Forex Headlines|forex news|forex top headlines|Wrap

Adam Button


© Copyright 2015 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.