Previous Trading Days Events 24.07.2024

The Bank of Canada BoC decided to cut its key interest rate by 25 basis points for the second month in a row, bringing it to 4.5 and said more reductions in borrowing costs were likely if inflation continued to cool in line with forecasts.

We are increasingly confident that the ingredients to bring inflation back to target are in place, Bank of Canada Governor Tiff Macklem told reporters. The BoC reiterated that inflation should return sustainably to its 2 target in the second half of 2025.

The dovish language in the releases paints a picture of officials who are growing more worried about the likelihood of recession, Royce Mendes, head of macro strategy at Desjardins Group, wrote in a report.

Economists expressed concerns about the prospect of weaker economic growth in the coming months, reiterating that a slowdown could trigger more rate cuts.

Source httpswww.reuters.commarketsratesbondsbankcanadacutsratesagainfretsaboutlowgrowth20240724

Winners vs Losers

USDCAD reached the top of the weeks gainers with 0.76 gains. GBPUSD leads for the month with 1.90 gains. The BOC decided to cut yesterday and the CAD depreciated heavily. Stocks dropped as well significantly with no correction so far.

News Reports Monitor Previous Trading Day 24.07.2024

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Midnight Night Session Asian

No significant news announcements, no special scheduled releases. 

Morning Day Session European and…