Market Brief January 17th: Interest Rate Decision from Canada
Tuesday the virtual currency took a hit and slid to test the support at 11,300 which is pivotal. The virtual currency lost as much as 18% of its price among increasing rumors of stricter regulation coming from South Korea. The news affected other rival crypto currencies as well- Ethreum dropped a significant 23% to test the immediate support at $978. Slowly, ether strated to recover in the late hours of Tuesday afternoon.
EUR 10:00 a.m. GMT (YoY) (Dec) – The Consumer Price Index measures inflation from a consumer perspective, by showing the change in the price of goods and services. Expectations are for no change at 1.4% during December 2017 compared to the reading that came out during the same time the year before. If the actual news shows an increase, this should strengthen the euro while a lower performance could have a negative effect on the currency.
CAD, 15:00 p.m. GMT, BoC Monetary Policy Report – the report is released on quarterly basis and gives a detailed account of the rationale behind the Central Bank’s decision (i.e. the specific economic conditions) that influenced the interest rate set by the bank.
CAD, 15:00 GMT BoC Interest Rate Decision – this is the big event of the day! One of the most market – moving events come from interest rate decisions for major economies. The forecast points to an expected increase at 1.25% which is an expected increase of 0.25 from 1.00%. If the actual increase takes place, this could give an extra push to the Canadian dollar and should be read as a bullish sign. And, vice versa, if there is an unexpected cut, this could result in the U.S. dollar strengthening against its Canadian counterpart.
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