EURCAD 1st JUNE 2022
Today the BOC decided to raise its benchmark interest rate from 1% to 1.5%. The monetary authority last raised the benchmark interest rate by 50 bps in May 2000.
It was the biggest single move in two decades. The soaring oil price also became a sentiment for the strengthening of the Canadian dollar.
Eurozone inflation in May 2022 which rose to another record high, boosting yields on government bonds. Yields were boosted as markets saw inflation data as a challenge to the view of the European Central Bank (ECB) which argues that gradual rate hikes from July will be enough to tame rapid price growth. On the other hand the European Central Bank (ECB) sent mixed policy signals.
ECB official Luis de Guindos with several policy makers in calling for an early end to the ECB asset purchase scheme. It can be concluded that the euro will be weaker than the USD for the month of June. The movement of the Euro with other currencies will be very dependent on the USD.
It was the biggest single move in two decades. The soaring oil price also became a sentiment for the strengthening of the Canadian dollar.
Eurozone inflation in May 2022 which rose to another record high, boosting yields on government bonds. Yields were boosted as markets saw inflation data as a challenge to the view of the European Central Bank (ECB) which argues that gradual rate hikes from July will be enough to tame rapid price growth. On the other hand the European Central Bank (ECB) sent mixed policy signals.
ECB official Luis de Guindos with several policy makers in calling for an early end to the ECB asset purchase scheme. It can be concluded that the euro will be weaker than the USD for the month of June. The movement of the Euro with other currencies will be very dependent on the USD.
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