Forex Today - 24/07: Bank Of Canada Rate Cut Expected
Date
7/24/2024 4:53:29 AM
(MENAFN- Daily Forex) The bank of Canada is widely expected to cut its Overnight Rate today from 4.75% to 4.50%.
The Bank of Canada will be holding a policy meeting today. Markets are expecting the bank to cut its Overnight Rate by 0.25% to 4.50%. The bank's Rate Statement and Monetary Policy Report will be closely analysed.
The Indian Rupee briefly traded yesterday at a new record low against the US Dollar, after making a record low close last Friday. The Rupee remains in danger of falling to a new low, so the USD/INR currency pair will be in focus today.
In the Forex market, after a day of relatively little price movement, the US Dollar has penetrated a strong zone of resistance beginning at 103.92. This suggests the Dollar is more likely to move higher over the short term. Since today's Tokyo open, the Australian Dollar has been the weakest major currency in the Forex market, while the Japanese Yen has been the strongest, putting the AUD/JPY currency cross in focus.
Vice President Kamala Harris has secured the pledges of enough of President Biden's convention delegates to win the Democratic Party's nomination for President following President Biden's withdrawal from the race. A poll was released yesterday which showed her ahead of President Trump for the first time, but betting markets still suggest Harris has only a 38% chance of beating President Trump in November's general election.
Asian stock markets are trading a bit lower today, with the Chinese HSI and the Japanese Nikkei 225 Index looking likely to close down. Major US equity indices futures are also losing ground.
There will be data releases today of Flash Services & Manufacturing PMI in the USA, UK, Germany, and France.
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