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(U2) Off Lows, But Still Fragile


Another Round Of Richening


(U2) More Stable But Still Fragile

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FOREX: BoC join RBA and Fed in providing further wave of liquidity
- The Bank of Canada followed the lead of the RBA and Fed yesterday in trimming
rates. Poloz and the board chose an above-consensus 50bps cut, taking rates back
to where they were in mid-2018. CAD sold off in response, but the medium-term
reaction looks rather limited and markets are already pricing in a decent chance
of further action as soon as the next BoC meeting in April. USD/CAD failed to
clear the recent high at C$1.3465 despite the weaker oil price. Equities sit in
positive territory, bouncing off the Tuesday lows, but the S&P remains over 10%
shy of the alltime high printed at end-Feb.
- Elsewhere, GBP cleared the Monday high as the incoming BoE governor Bailey
appeared in front of the Treasury Select Committee and talked down the
possibility of imminent policy action from the Bank. Bailey also talked through
the lower bound for rates at around 0.1%, limiting MPC's room to ease.
- US weekly jobless claims are the data highlight Thursday, followed by final
durable goods and factory orders for January. BoE's Haldane & Carney speak as
well as BoC's Poloz and Fed's Kaplan.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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