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Loonie feels the blow sustained by Trudeau’s fiscal outlay

Loonie feels the blow sustained by Trudeau’s fiscal outlay

Yesterday’s throne speech saw these political and credit risks rise to the fore. In combination with the general risk-off tone in markets this week, the speech resulted in the loonie feeling the pressure, extending its slide back towards the 1.34 level – USDCAD is now trading 1.60% higher on the week.

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Rishi Sunak to unveil new jobs-protection plan

Rishi Sunak to unveil new jobs-protection plan

Chancellor Rishi Sunak is expected to speak in Parliament today at 12:45 BST and give an economic statement that will hopefully include policy proposals. The core of the Treasury response will likely be some kind of targeted or partial wage subsidy scheme to replace the blanket furlough programme that ends in October.

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Lower than expected PMIs flag that winter is coming

Lower than expected PMIs flag that winter is coming

This morning’s Purchasing Managers’ Index releases from September confirmed the bleak picture of the eurozone current state, with the bloc’s services PMI dropping to 47.6 down from August’s  50.5, and the composite PMI falling to 50.1 down from 51.9. In Germany.

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Riksbank upgrades GDP outlook but kept interest rate projection flat

Riksbank upgrades GDP outlook but kept interest rate projection flat

QE is the way to go, according to Sweden’s Riksbank which kept rates at zero today and stuck with a flat interest rate projection over the coming years. The central bank pledged to continue its asset purchase programme as it navigates its way through the pandemic, which is exactly what markets expected.

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JPY gradually advances on the closing gap between the Fed and the BoJ

JPY gradually advances on the closing gap between the Fed and the BoJ

The BoJ brought no policy moves forward, but took an upbeat tone on the economic outlook. In contrast, the Fed’s move towards strengthened forward guidance moved it a step closer to the BoJ’s ultra-accommodative policy stance, raising the prospect of a structurally smaller difference between US and Japanese yields. 

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Dollar bounces back as Europe sets for a second wave

Dollar bounces back as Europe sets for a second wave

GBP Sterling has weakened further against the US dollar and the euro this morning, extending yesterday’s general trends. Both GBPEUR and GBPUSD took a further dive this morning during a speech from Bank of England Governor Andrew Bailey. Speaking at a webinar for the...

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Corona-Comeback in Europe ahead of Autumn leaves markets in a stew

Corona-Comeback in Europe ahead of Autumn leaves markets in a stew

In terms of virus cases, the Netherlands reported record surges over the weekend while France saw infections increase to peak levels last seen in April. With France’s Finance Minister Bruno Le Maire testing positive for the virus and infections running at the fastest pace since the start of the outbreak.

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Meet the team

Ranko Berich

Ranko Berich

Head of Market Analysis

Ranko Berich heads up the team of analysts at Monex Canada and Monex Europe. The analysis team provide timely insight and commentary on developments in currency movements and their drivers.
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Simon Harvey

Simon Harvey

FX Market Analyst

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Olivia.Alvarez

Olivia Alvarez

FX Market Analyst

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