Forex Today – 21/02: Canadian Inflation Falls Faster

Canadian inflation data released yesterday showed that annualized inflation has fallen more quickly than expected, from 3.4% to 2.9%, when 3.3% was expected.

  1. Canadian CPI (inflation) data was released yesterday. It showed Canadian inflation has fallen much faster than expected, with the annualized rate falling from 3.4% to 2.9%. This will increase speculation as to when the Bank might begin cutting rates, so the Loonie weakened a little yesterday, but the Bank has made no public statements about rates, so it is all only speculation,
  2. Australian Wage Price Index data came in exactly as expected, increasing by 0.9% quarter by quarter.
  3. In the Forex market, the New Zealand Dollar has been the strongest major currency since the Tokyo open today. The Japanese Yen has been the weakest, as it falls further despite warnings from the Japanese Finance Minister Suzuki yesterday that he is watching the situation closely. The highest volatility recently has been seen in the USD/JPY currency pair, and in Yen crosses, although this is starting to decline.
  4. Bitcoin briefly made a new 20-month high above $52,884 yesterday before giving up all its gains of the day. Trend traders and investors will remain interested in Bitcoin on the long side.
  5. Global stock markets are mixed. Trend traders will still look to be involved on the long side of major US equity indices, despite last week’s losses, and day traders may consider trading these indices long if they show bullish momentum after the market opens.
  6. Cocoa futures regained more ground yesterday after Friday’s sharp fall, which lead to profit taking and the suggestion that the current leg of the long-term bullish trend may have ended. Trend traders will be watching closely and considering going long, especially if the price makes a full recovery and breaks to a new long-term high.
  7. The US Federal Reserve will release FOMC meeting minutes later today.

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