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29 Jan 2025

CAD: BOC expected to slash the policy rate 25bps to 3.00% – BBH

USD/CAD is trading in a tight range around 1.4400, BBH FX strategists report.

USD/CAD has scope to overshoot to fresh cyclical highs

“The Bank of Canada (BOC) is expected to slash the policy rate 25bps to 3.00% following two consecutive 50bps rate reductions. The BOC’s updated Monetary Policy Report is also due today. Inflation is stabilizing around 2% and business sentiment remains subdued but has improved.”

“BOC Governor Tiff Macklem effectively ruled-out additional jumbo cuts, pointing out that officials will consider further rate cuts but likely at a slower pace. Markets are price-in almost 75bps of total BOC easing over next 12 months that should see the policy rate bottom near 2.50%.”

“USD/CAD has scope to overshoot to fresh cyclical highs supported by FED/BOC policy trend, risk of all-out trade war between Canada and the US, and the Trump administration’s focus to lower energy prices.”

Jan 29, 2025

Italy Trade Balance non-EU up to €7.79B in December from previous €5.908B

Italy Trade Balance non-EU up to €7.79B in December from previous €5.908B
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Jan 29, 2025

AUD/USD is underperforming at the moment – BBH

Australia’s Q4 CPI was soft and all but locks-in an RBA rate cut at the next meeting February 18, BBH FX strategists report.
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