Month: January 2023

– Cautious start to busy week.

– FOMC meeting headlines risk events

– US dollar opens narrowly mixed after subdued overnight session.

USDCAD snapshot open 1.3316-20, overnight range 1.3302-1.3352, close 1.3122, WTI $79.76, Gold $1930.51

The Canadian dollar traded erratically in a narrow range while maintaining a somewhat bullish bias. The Canadian dollar is benefitting from hopes the Fed scales back its tightening program, from hopes for a US soft landing and steady to higher oil prices.

The Canadian dollar isn’t any worse for wear after the Bank of Canada announced it planned to hold interest rates at its “current level while they asses the impact of the cumulative 425-basis point increase in the policy rate.”

Some analysts and traders are anticipating that the BoC will cut rates before the end of the year. Meanwhile, Fed officials have indicated that US rates will rise further and remain in restrictive territory … Read more

Top Stories of January 2023

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Barclays plans to launch a string of “banking pods” after recently announcing more branch closures.

The bank said it will expand its “flexible banking formats” in response to changing customer needs.

The plans include the launch of new banking pods, which will be purpose-built, semi-permanent structures in locations such as shopping centres and retail parks.

The pods will provide a dedicated, private space and can be moved depending on demand, the bank said.

At least 10 will be rolled out across the UK by summer 2023 following the success of the bank’s first pod in St Austell, Cornwall, Barclays said.

The bank has not yet revealed the locations for the pods, but it is understood they will be spread out, potentially popping up soon in areas such as London, the Midlands and the North East.

The pods are part of the Barclays Local initiative.

Under the scheme, which Barclays is … Read more

– USDCAD set to end week with a 0.38% gain since Monday.

– US PCE and Michigan Consumer Sentiment data due.

– US dollar trading with a slight negative bias.

USDCAD snapshot open 1.3316-20, overnight range 1.3314-1.3345, close 1.3322, WTI $82.08, Gold $1928.45

The Canadian dollar is posting a small 0.38% gains since it opened on Monday, which, in the context of the Bank of Canada opting to cap interest rates at 4.50%, is a decent performance.

The Canadian dollar strength was not an isolated event. The major G-10 currencies rallied as well with the exception of the Swiss Franc which lost 0.18% and the Euro which is virtually unchanged.

The Bank of Canada signalling an end to the post-pandemic rate hike cycle raised speculation other central banks will follow suit. The Fed is not one of them.

The FOMC meets next week on February 1 and is expected to … Read more

Let’s talk about bad habits. No, not the hit song released by superstar musician Ed Sheeran. We’re talking about the little things you do every day that are slowly chipping…

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