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Australian Dollar Edges Lower, Possibly Due to Unexpected Current Account Deficit
The Australian Dollar (AUD) halted its three-day winning streak on Tuesday, likely due to Australia's unexpected current account deficit of A$ 4.9 billion (USD 3.2 billion) in the first quarter.
Bank of Canada Can Stomach Faster Rate Cuts Than the Fed, Say Economists
The Bank of Canada could cut its benchmark interest rate up to three times before the Federal Reserve begins moving rates lower, say economists, downplaying the risk of a widening policy rate gap between the central banks.
Is the Bank of Canada nearing an interest rate cut? Will they take the first step in June?
Since 2024, Canada's inflation has been developing in the right direction, with investors believing that there is over an 80% chance of a rate cut in June.
Canadian Dollar Races Greenback Lower After Broadly Softer Manufacturing PMIs
The Canadian Dollar (CAD) is broadly lower on Monday after May’s S&P Canadian Global Manufacturing Purchasing Managers Index (PMI) figures missed the mark. A similar miss in ISM US Manufacturing PMIs has left the Canadian Dollar and the US Dollar (USD) battling for second place.
There is a high probability that the Bank of Canada will cut interest rates this week. The US and Canada are expected to fall below 1.3601 support and look at 1.3400
Market analyst Saqib Iqbal wrote that the USD/CAD weekly forecast shows more downside potential because the Bank of Canada is likely to cut interest rates this week, far ahead of the Federal Reserve. On the technical side, USD/CAD has fallen below the bullish trend line and is approaching the 1.3601 support level.
Australia's 1Q GDP Print Expected to Show Weak Growth
Australia's Q1 GDP print, due out later this week, is expected to show weak growth of 1.2% on year and 0.2% on quarter, says Paul Bloxham, chief economist for Australia, NZ & global commodities at HSBC.