Dollar Bounces On HoldBoc Eye On Dollar, Posted on May 27, 2015
Yesterday’s pull back in risk assets reminded investors that there remain considerable headwinds that threaten stability in the financial markets and often those headwinds are unforeseen. Political instability emerged in Spain and Poland to compound the worries over Greece who continues its negotiations in Brussels today with its creditors and this remains one of the major market risks facing investors, as was shown in the euro sell off yesterday. The dollar had a strong rebound on the back of slightly better than expected durable goods and consumer confidence data, but that rebound has been short lived as it gives back some of its gains overnight. The Federal Reserve’s Vice-Chairman Stanley Fischer in a speech yesterday said how global growth prospects are now a key focus for the Fed when it comes to their rate setting policy, which echos some of the recent FOMC statements and minutes which have mentioned concerns over slowing growth in China. This once again highlights how the slowdown in Asia and beyond is just another reason for forecasters to push back their expectations for the first Fed rate hike.
Today is quiet on the economic data front but the Canadian dollar will be in focus as the BOC makes its latest interest rate decision where it is expected to keep rates on hold at 0.75%. The CAD has weakened in the last couple of weeks and it is unlikely to be there actions that will move the markets following the surprise cut in January, but rather the statement that follows.
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