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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • - BoC is accelerating work on digital currency - Decision on digital currency would be the government's
  • With the BOC's update today, I'd shift the group to being the most hawkish relative to the other major central banks. Still the setting for all of the majors is very dovish though. All relative. https://t.co/3MQX5ILGzA
  • - BoC could slow QE further if projections pan out - Further QE adjustments will be gradual
  • FT: EU and India plan global infrastructure deal. $EUR $INR
  • BoC Gov. Macklem: - Third wave of Covid has introduced new uncertainty - Households and businesses have remained resilient - The BoC is more confident in the underlying strength of the economy #BOC $CAD
  • Greece to ease main lockdown measures in early May. $EUR
  • So much for $USDCAD's tentative break from its 13-month descending trend channel...again. Biggest daily drop since June 1st after the BOC takes a first step towards taper https://t.co/LPDmBlhFdL
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 1.05% 🇳🇿NZD: 0.49% 🇦🇺AUD: 0.30% 🇯🇵JPY: -0.06% 🇪🇺EUR: -0.09% 🇨🇭CHF: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ukmeM95hVA
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.97% FTSE 100: 0.76% Wall Street: 0.55% Germany 30: 0.46% US 500: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/907pBEoeH0
  • #Gold has risen to its highest level since late February today, rising to trade above 1,790. The precious metal attempted this level at the beginning of the week but had dropped back to 1,770. $XAU $GLD https://t.co/SwDnJnBicr
Market Sentiment Stable as Trade Deadline Nears | Webinar

Market Sentiment Stable as Trade Deadline Nears | Webinar

Martin Essex, MSTA, Analyst

Market sentiment analysis:

  • Traders are cutting their exposure to risk modestly as the December 15 deadline for new US tariffs on Chinese imports draws closer.
  • However, at the start of a week dominated by major central bank interest rate decisions and the UK General Election, there are few signs yet of a major move into safe havens.

Trader confidence holds up

Traders remain broadly confident ahead of a week dominated by central bank interest rate decisions in the US and the Eurozone amid hopes that Sunday’s deadline for new US tariffs on Chinese imports will pass without the US taking any action.

Traditional safe havens such as the Japanese Yen, the Swiss Franc and gold are all modestly firmer but investors are by and large holding their nerves, while GBP/USD continues to benefit from opinion polls suggesting an overall majority for the ruling Conservatives in Thursday’s UK General Election.

GBP/USD Price Chart, Two-Hour Timeframe (November 27-December 10, 2019)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

The likelihood of Democrats in the US House of Representatives unveiling formal charges against President Donald Trump as they move towards impeaching him has had little adverse impact on overall market sentiment either.

In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.

Resources to help you trade the markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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