Canada with lingering expectations of rate hikes, employment statistics announced! ~ Highlights and schedule for February 8 ~
New Zealand has become a weak employment economy. As a result, the NZD was sold off significantly, the AUD had fallen sharply the day before, and CAD plummeted due to risk-off sentiment stemming from US-China relations and recession concerns. The drop in crude oil prices has also been a factor in CAD decline.
The pound, after initially being sold off due to the BOE's economic policy and the Inflation Report, was subsequently bought back strongly and became the most bought major currency.
◎ Today's Points of Interest
1) RBA Quarterly Monetary Policy Statement
AUD has been volatile recently. Today's quarterly monetary policy statement is also a moving indicator. How will the outlook for the economy be presented? It is something to watch closely.
2) Canadian Employment
Oil price declines and risk-off sentiment are weighing on commodity currencies. Among them, the Canadian dollar, which has a strong correlation with oil prices, has fallen sharply. If the US stops rate hikes, the only remaining expectation for rate hikes would be from the Bank of Canada.
Given the expectations for future rate hikes, I would like to focus on Canada's employment statistics today.
3) European Recession
Recently, European economic data have shown weak results. In particular, Italy's long-term yields have risen sharply. France is feeling the effects of protests. The spread in interest rates with Germany is widening. Europe remains a focal point.
4) Weekend and 3-day Holiday
After a major event, the weekend is a long holiday in Japan. We should pay attention to the Tokyo Fix and London Fix.
◎ Today's Points of Interest
February 8 (Friday)
09:30 AUDRBA Quarterly Monetary Policy Statement
09:30 USD Bullard (St. Louis Fed President) Speech
16:00 NOK Norway GDP
22:30 CADEmployment Change and Unemployment Rate
February 9 (Saturday)
00:35 USD Daily San Francisco Fed President Speech
03:00 USD Baker Hughes Rig Count
