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CAD: BoC likely to stay on hold - TDS

FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, suggests that the upcoming Bank of Canada meet will be accompanied by a new Monetary Policy Report (MPR) and he expects the banks to stay put with no change in the communication.

Key Quotes

“We are tracking Q3 GDP growth roughly a full percentage point above the BoC’s forecast from July and recent comments from Governor Poloz have been broadly constructive, so we do not anticipate any major change in tone in the communique with the overnight rate remaining at 0.50%.”

“However, the Bank’s forecast for 2016 looks fairly optimistic set against the backdrop of slowish global growth and persistently low commodity prices, so we do look for the Bank of Canada to revise their 2016 forecasts slightly lower. The release of the interest rate announcement will be followed by a press conference at 11:15 AM.”

USD/CHF clears overhead resistance

USD/CHF clears overhead resistance
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NZD: Easing coming from RBNZ this month – MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that the recent strength of the kiwi will likely prompt greater concern from the RBNZ when it meets next on the 28th September.
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