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Euro May Ignore CPI Data, BOC Might Have Market-Wide Impact

Euro May Ignore CPI Data, BOC Might Have Market-Wide Impact

2018-01-17 05:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Euro unlikely to suffer lasting losses as revised data confirms CPI downtick
  • Tone of Bank of Canada rate decision may echo into broader risk appetite
  • Yen and Franc correct lower, NZ Dollar retreat from 4-mo high continues

A revised set of December’s Eurozone CPI data headlines a muted European docket. The release is expected to confirm that the headline year-on-year inflation rate edged down to 1.4 percent. Price growth has struggled to build toward the ECB’s target just below 2 percent since briefly touching it in early 2017 but QE drawdown speculation is rife all the same, hinting the downtick is unlikely to significantly hurt the Euro.

Later in the day, the spotlight turns to a policy announcement form the Bank of Canada. A rate hike is widely expected, with traders pricing in its probability at 89.9 percent. That puts the tone of accompanying forward guidance in focus. Besides boost the Canadian Dollar, an upbeat tone may lift broader risk appetite and encourage investors reach for yield, which has recently come at the expense of the US Dollar.

The anti-risk Japanese Yen and Swiss Franc fell in Asia Pacific trade, seemingly retracing gains scored as sentiment soured in the prior session. The benchmark S&P 500 stock index suffered the first drop in three weeks. The New Zealand Dollar continued to retreat having been the worst-performing G10 FX currency yesterday. The currency has been in correction mode since touching a four month high on Friday.

What are DailyFX analysts’ top trading ideas for 2018? Find out here!

Asia Session

Euro May Ignore CPI Data, BOC Might Have Market-Wide Impact

European Session

Euro May Ignore CPI Data, BOC Might Have Market-Wide Impact

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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