- Bank of Canada meeting is going to be the key event scheduled for today
- US non-manufacturing ISM in the spotlight during afternoon
- API to release its weekly report on a change in oil stocks
Wednesday is going to be dominated by the Bank of Canada meeting. In this respect, one could say that investors are sitting on the fence as odds for a hike at today’s meeting are hovering around 50%. That said, the decision will be a toss-up with potential quite substantial reverberations for the CAD.
1:30 pm BST - US and Canadian trade data: There is no doubt that trade data is not among the most important releases however, in case of the vulnerable Canadian dollar each reading could bring about swings potentially more substantial than usually. The Canadian trade balance is expected to come in at -3.3bn CAD against the prior print at -3.6bn CAD. In turn, the US trade deficit should show a decline from -43.6bn USD to -44.6bn USD in July.
3:00 pm BST - US non-manufacturing ISM: Admittedly, the payrolls report for August is already behind us, but today’s release could be worth looking at, especially in case of the price sub-index. The headline gauge is anticipated to show 55.3 which means quite a noticeable increase from 53.9. Given that the FED meeting is getting closer, each USD-conducive report could increase odds for a hike in December.
3:00 pm BST - BoC’s meeting: Today’s meeting of the Bank of Canada could be the most important event. This is especially true when we take into account that odds for a hike equal ca. 50%, thus each decision could be a surprising one. Either way, the consensus suggests that no change should be expected. We’ll provide a more in-depth analysis in terms of that evens later in the day.
9:40 pm BST - API crude oil stocks (weekly change): Taking account of recent quite stormy performance seen in oil prices, one could assume that today’s release could bring some notable ramifications on oil prices. What’s more, there is a likelihood that the report could unveil some details with regard to the hurricane Harvey. If so, a pick-up in stocks should not taken investors by surprise.
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