Previous Trading Days Events 24 Jan 2024

As widely expected the Bank of Canada BoC held its key overnight rate at 5 on Wednesday and mentioned that cutting borrowing costs than hikes are more probable.

Annual inflation in December accelerated to 3.4, still higher than the central banks 2 target but below a June 2022 peak of 8.1.

The Governing Councils discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level, Governor Tiff Macklem said in remarks. Later, Macklem told reporters It is premature to discuss reducing our policy rate.

Source httpswww.reuters.commarketsratesbondsbankcanadaholdsratessayspolicytalksshifttowardwhencut20240124

Winners vs Losers

Silver surges while Gold plunges. Silver XAGUSD managed to record 1.35 gains for the week reaching the top. USDJPY remains the top winner for the month with 4.68 gains.

News Reports Monitor Previous Trading Day 24 Jan 2024

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Midnight Night Session Asian

No important news announcements, no major scheduled figure releases.

MorningDay Session European and N. American Session

PMI releases for both the manufacturing and the services sector.

Eurozone PMIs

The French economy continues to show grim PMIs for both sectors with the manufacturing sector showing the worst figure of 43.2. Overall the economy ended the year 2023 in deep contraction and began the…