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Forex Today: US CPI data and BoC rate decision to lift market volatility

Forex Today: US CPI data and BoC rate decision to lift market volatility


Published on 2024-12-11 22:22:08 - FXStreet
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  • The US Dollar (USD) stays resilient against its major rivals early Wednesday, with the USD Index holding comfortably above 106.00. The US Bureau of Labor Statistics will publish the Consumer Price Index (CPI) data for November. Additionally, the Bank of Canada (BoC) will announce monetary policy decisions following the last meeting of the year.

The article from FXStreet discusses the anticipated market volatility due to two significant economic events on December 11, 2024. Firstly, the US Consumer Price Index (CPI) data for November is expected to show a slight decrease in inflation, with the annual rate projected to fall to 3.1% from 3.2%, and the core CPI expected to remain steady at 4.0%. This data could influence the Federal Reserve's future monetary policy decisions. Secondly, the Bank of Canada (BoC) is set to announce its interest rate decision, with expectations leaning towards maintaining the current rate of 5.0%. However, any deviation from this expectation or changes in the BoC's forward guidance could significantly impact the Canadian Dollar. Additionally, the article mentions other economic releases like the US Producer Price Index (PPI) and the Federal Reserve's Beige Book, which could also contribute to market movements. The EUR/USD pair is highlighted as potentially volatile, with technical analysis suggesting a bearish trend if it fails to break above 1.0780.

Read the Full FXStreet Article at:
[ https://www.fxstreet.com/news/forex-today-us-cpi-data-and-boc-rate-decision-to-lift-market-volatility-202412110727 ]
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