The Bank of Canada is expected to increase its policy interest rate by 25 basis points Wednesday. Two better than anticipated labour force reports and other statistics support expectations. However, uncertainty surrounding the future of NAFTA weighs on the economic outlook for the country.
Bitcoin and other Cryptocurrencies nose dive on worries over Government crackdowns.
In the Forex sector, Euro held close to a 3 year high against the Dollar by the close of Wall Street Session Tuesday. Sterling weakened against the Dollar following soft UK Inflation Data for the month of December. The Canadian Dollar advanced as Investors anticipate Interest Rate Hike from the BoC today, Wednesday. Australian Dollar edged lower against the Dollar following previous sessions of heavy selling.
European Indices displayed a lackluster performance while their US counterparts were on overdrive hitting decade highs, early in the Wall Street Session with Dow Jones scaling over the 26,000 mark. But Indices gave back gains by the close of the session, with Dow Jones, S&P 500 and Nasdaq all closing in the negative.
09:00 AM GMT EuroZone CPI (YoY) (Dec)
10:45 AM GMT BoE MPC Member Saunders Speaks
01:15 PM GMT US Industrial Production (MoM) (Dec)
02:00 PM GMT Bank of Canada Monetary Policy Report
02:00 PM GMT Bank of Canada Rate Statement
02:00 PM GMT Bank of Canada Interest Rate Decision
11:30 PM GMT Australia Employment Change (Dec)