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Mid-Week Market Updates: EUR, CAD Look Higher versus USD; Red Flags for Gold Breakout

Mid-Week Market Updates: EUR, CAD Look Higher versus USD; Red Flags for Gold Breakout

Christopher Vecchio, CFA, Senior Strategist

Webinar Overview:

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BOC and ECB and Fed, Oh My!

FX markets have been quiet as measures of volatility have fallen across the board, but much of the lacking price action may be explained by the calendar: the Bank of Canada’s meeting today and the European Central Bank’s meeting tomorrow have investors keeping their powder dry rather than making fresh bets.

US inflation data is also due tomorrow, which may help shape the taper talk at the Federal Reserve’s meeting next week. Even then, it doesn’t appear that the Fed will accelerate its taper timeline for higher inflation given its focus on its labor market mandate. This mix of developments caters to a weaker US Dollar, while the Canadian Doll and Euro may find greater interest henceforth.

Key Event Risk Rest of Week

Mid-Week Market Updates: EUR, CAD Look Higher versus USD; Red Flags for Gold Breakout

Economic Calendar - latest economic development and upcoming event risk

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

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

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