Daily digest market movers: Canadian Dollar furrowed by lopsided CPI print, Fed rate cut bets max out
- Headline Canadian CPI inflation in June contracted -0.1% MoM versus the previous 0.6%, missing the forecast slowdown to 0.1%.
- Annualized Canadian CPI eased to 2.7% from the previous 2.9%.
- The Bank of Canada’s (BoC) own CPI inflation gauge likewise fell to -0.1% from 0.6% MoM, while the YoY figure accelerated to 1.9% from the previous 1.8%.
- US Retail Sales fell flat in June, printing at the expected 0.0% MoM compared to the previous month’s 0.3% (revised from 0.1%).
- With a steeper-than-expected decline post-revision, market bets of a Federal Reserve (Fed) rate cut in September have been pinned to the ceiling.
- Rate traders are pricing in 100% odds of at least a quarter-point rate trim in September, according to the CME’s FedWatch Tool
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.