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CAD

10 Dec 2025

Bank of Canada holds, maintains neutral outlook

As had been almost universally expected, the Bank of Canada left its policy settings on hold this morning, and again clearly signalled that policy rates are sitting at near-neutral levels, minimising the likelihood of another move in the coming months. Policymakers led by Governor Tiff Macklem maintained the policy rate at 2.25 percent after cutting at both the September and October meetings, and in the official statement setting out the decision, again noted that the current policy rate is “at about the right level” to keep inflation under control and sustain growth. Officials acknowledged signs of resilience in the Canadian...

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10 Dec 2025

Currencies flatline into central bank decisions

Happy Fed Day to those who celebrate. Global risk assets are drifting lower, yields are a touch firmer, and the dollar is trading in the middle of its recent trading range as investors await what is widely expected to be a third consecutive “hawkish cut” from the Federal Reserve this afternoon. Data published yesterday showed US labour markets cooling, but not at an alarming rate. On the positive side of the ledger, the number of job openings surged to 7.67 million in October from 7.23 million in August, but this may have been driven by pre-holiday staffing increases. The hires...

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09 Dec 2025

Hawks in the nest

• Consolidation. US equities tread water ahead of tomorrow’s US Fed decision. The USD index ticked up. AUD outperformed due to RBA rhetoric.• RBA shift. No change in rates yesterday but there were ‘hawkish’ signals. Inflation risks have changed. February meeting looks ‘live’ for a rate hike.• US Fed. Another rate cut expected. Focus will be on the Fed’s guidance. A ‘cautious’ tone about more near-term rate reductions may see the USD lift. Global Trends Modest moves across most asset classes overnight as traders marked time ahead of tomorrow’s US Fed decision (Thurs 6am AEDT) and Chair Powell’s press conference...

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09 Dec 2025

Traders stockpile dry powder as Fed decision looms

Currency markets are drifting into Tuesday with a wary, slightly defensive tone, caught between a thin data calendar, declining volumes, and the growing sense that policy divergences are about to reshape the global landscape. Treasury yields are a touch softer after yesterday’s curve-steepening move, equity futures are pointing marginally lower, and the dollar is trading sideways against all of its major counterparts as traders brace for tomorrow’s Federal Reserve decision. This morning’s Job Openings and Labor Turnover release could provide critical insight on job market conditions. Unusually, the report—which will cover the entirety of September and October as opposed to...

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08 Dec 2025

Trading ranges narrow in run-up to Fed meeting

The dollar is edging lower against a basket of its most-traded rivals as investors focus attention on this week’s Federal Reserve meeting—and on the implications for monetary policy in 2026. Benchmark ten-year Treasury yields are parked near the 4.15-percent mark, equity futures are holding steady ahead of the North American open, and the euro, pound, and Japanese yen are all firmly rangebound amid a lack of domestic catalysts. Markets overwhelmingly expect a “hawkish cut” on Wednesday, with the statement language, dot plot projections, and Chair Powell’s words all pointing to a more gradual pace of easing in the coming months....

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