Trading Mid-Day Update (06/11)
During today’s Currency Call, Gim Hong highlighted that the European Central Bank (ECB) held its monetary policy unchanged during their meeting yesterday. The central bank continues to “expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year”. During the press conference, ECB President Lagarde mentioned that no discussions were made on exiting the PEPP as it is still premature to do so. Nonetheless, the central bank has revised its GDP projection upwards from 4% to 4.6% in 2021 and 4.1% to 4.7% in 2022. Inflation projection has also been revised upwards from 1.5% to 1.9% in 2021 and 1.2% to 1.5% in 2022. Thus, the ECB is feeling optimistic in the eurozone economy.
Scott highlighted that the rise in inflation is a suggesting factor that interest rate will have to increase sooner than expected. In his article (https://www.forextradingasia.c...), Scott mentioned that a significant catalyst is required, whereby one of the central banks steps up and carry out more policy tightening. For now, wait for a clearer direction in the U.S. dollar index before looking for trading opportunities.
Jin highlighted that the Canadian CPI data will be released next Wednesday at 2030 (GMT 8). Wait for USD/CAD to break above the 1.2148 level before looking for buying opportunities.
During the day, USD/CAD was little moved.
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