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    Canada CPI: Some positive news on disinflation should help reinforce rate cuts are coming – TDS

    Source Fxstreet
    Feb 20, 2024 15:52

    In Canada, the first Consumer Price Index (CPI) report in 2024 came in softer than expected. Economists at TD Securities analyze if the Bank of Canada (BoC) could pivot to interest rate cuts.

    The BoC will continue to proceed cautiously

    The January CPI report surprised to the downside with inflation falling 0.5pp to 2.9% YoY as prices held unchanged on the month. Airfares and core goods helped drive the deceleration while telecoms provided a source of strength. January also brought further progress on CPI-trim/median with 3m rates of core inflation running at 3.2%.

    Today's report is a meaningful event for the near-term BoC outlook and should help reinforce rate cuts are coming. Still, we think the Bank will proceed cautiously and require further evidence of moderation before it shifts its stance. 

    Today's report will not be enough for the Bank to declare mission accomplished in March, but it does move the goalposts a little closer.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    ECB's Nagel: Price pressure in Eurozone could continue for some timeIn an interview with WiWo on Wednesday, European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel said that price pressures in the Eurozone could continue for some time, per Reuters.
    Source  Fxstreet
    In an interview with WiWo on Wednesday, European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel said that price pressures in the Eurozone could continue for some time, per Reuters.
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    Japan’s Hayashi: Closely watching FX moves, prepared for full measuresJapan’s Chief Cabinet Secretary Yishimasa Hayashi said on Wednesday that we are “closely watching FX moves” and are “prepared for full measures.” Additional quotes Important for currencies to move in a stable manner, reflecting fundamentals.
    Source  Fxstreet
    Japan’s Chief Cabinet Secretary Yishimasa Hayashi said on Wednesday that we are “closely watching FX moves” and are “prepared for full measures.” Additional quotes Important for currencies to move in a stable manner, reflecting fundamentals.
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    Breaking: Gold Price Forecast: XAU/USD storms through $2,350 to hit a fresh record highGold price witnessed a sudden $27 upswing and stormed through the $2,350 barrier to refresh an all-time high at $2,354 in Asian trading on Monday.
    Source  Fxstreet
    Gold price witnessed a sudden $27 upswing and stormed through the $2,350 barrier to refresh an all-time high at $2,354 in Asian trading on Monday.
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