{"id":74415,"date":"2023-12-07T11:33:04","date_gmt":"2023-12-07T09:33:04","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=74415"},"modified":"2025-12-11T14:32:28","modified_gmt":"2025-12-11T12:32:28","slug":"the-boc-remains-on-hold-as-was-widely-expected","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/id\/the-boc-remains-on-hold-as-was-widely-expected\/","title":{"rendered":"The BOC remains on hold as was widely expected"},"content":{"rendered":"

The Bank of Canada remained on hold, remained on hold as was widely expected. In the bank\u2019s accompanying statement<\/a>, they stated that \u201cThe slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices\u201d, which could further imply that the bank is done with interest rates.  As such, the perceived dovish statement by the bank, may have weakened the Loonie.In the US the ADP Non-Farm Payrolls figure, came in lower than expected at 103k, which could further imply a loosening labour market. The lower-than-expected figure could potentially weigh on the dollar, as it may weaken the Fed\u2019s resolve to maintain interest rates at their current levels. Over in Asia, China\u2019s Import rate for November, came in lower than expected at -0.6%, which could spell trouble for Australia\u2019s goods, as China is one of their predominant trading partners. Therefore, a reduction in imports may imply a reduction in demand for Australian goods, which in turn could weigh on the Aussie. In the commodities markets, we note that the US EIA Crude oil inventories figure for December came in lower than expected. The greater drawdown in inventories may imply that there has been in an increase in demand for oil, which may have provided temporarily some support for oil prices. In Europe, the Eurozone\u2019s Revised GDP rates for Q3 are due out later on today, which could weigh on the EUR should the expected rates come in as expected or lower and vice versa.<\/p>\n\n\n\n

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