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Markets Watch for BoC Taper Clues

FOREX
  • Treasury yields appear to have found a near-term bottom, with the 10y yield bouncing back above 1.58%, which has underpinned some further support for the greenback at present levels.
  • The USD Index remains between the 50- and 100-dma directional parameters for now, which may dictate price action in a session devoid of data or central bank speakers.
  • The single currency is among the weakest performers Wednesday as markets continue to book profits on the late EUR/USD rally last week. The pair remains above the 1.20 mark which continues to act as decent psychological support for now.
  • CAD and NZD are among Wednesday's best performers, but both currencies trade very much inside recent ranges.
  • Focus turns to Canada later today, with the Bank of Canada rate decision due as well as March CPI. The BoC are expected to keep policy unchanged, with rates at 0.25%. Markets watch for any clues on the BoC's approach to tapering their government bond purchase programme.
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