The Bank of Canada and the FED Put the Loonie and the Greenback in the Spotlight

Earlier in the Day:

It is a particularly quiet start to the day on the economic calendar this morning. There were no major stats for the markets to consider.

The Majors

At the time of writing, the Japanese Yen was flat at ¥113.880 against the U.S Dollar, while the Aussie Dollar was up by 0.03% to $0.7153. The Kiwi Dollar was flat at $0.6687.

The Day Ahead

For the EUR

It’s a quiet day ahead on the economic calendar. Economic data is limited French jobseeker totals that are unlikely to have a material impact on the EUR.

At the time of writing, the EUR was up by 0.01% to $1.1302.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction. The lack of stats will leave market sentiment towards BoE monetary policy to provide direction.

At the time of writing, the Pound was up by 0.04% to $1.3506.

Across the Pond

It’s a relatively quiet day ahead on the economic data front. Goods trade data and new home sales figures for December are due out later today.

We don’t expect much interest in the numbers, however. Late in the session, the FOMC monetary policy decision and forward guidance will be the main event of the week. The markets are expecting the FED to hold interest rates unchanged this month.

On Tuesday, the U.S Dollar Spot Index rose by 0.09% to end the day at 96.000.

For the Loonie

It’s a quiet day ahead. There are no material stats due out of Canada to influence the Loonie. While there are no stats to consider, the Bank of Canada is in action later today. While expecting the BoC to hold rates steady this month, the markets are expecting a hawkish outlook.

At the time of writing, the Loonie was down by 0.01% to C$1.2630 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.