Daily digest market movers: Markets getting nervous ahead of mega Wednesday Fed showing
- CAD finds little reason to move, trades within a quarter of a percent against its peers.
- Canadian Building Permits surged by 20.5% in April, the highest MoM change in four years.
- Markets are hoping that US CPI inflation cools to 0.1% MoM in May, down from the previous 0.3%.
- US Core CPI is forecast to tick down to 3.5% YoY versus the previous 3.6%.
- Fed is broadly expected to keep rates where they are for now, but investors will be keenly focused on Fed’s updated “dot plot” on Wednesday.
- Rate markets see slightly better-than-even odds of at least a quarter-point cut from the Fed in September, according to the CME’s FedWatch Tool.
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