Canadian dollar recovers sharply in early US session after Bank of Canada surprised the markets by keeping rates unchanged at 3.00%. The accompanying statement highlighted the inflation from the bank that headline inflation might climb above 3% later this year if energy prices continues to surge. The bank believes the current monetary policy is "appropriately accommodative" to achieve the 2% inflation target but stress the downside risks to growth and upside risks to inflation. Markets expected a 25bps cut and the Canadian dollar surges over 100 pts against dollar right after the announcement.
Dollar continues to strengthen further against most other currencies, in particular the Euro, Sterling and Swissy. Trade deficit in US jumped to the widest level of -60.9n in Apr due to surge in petroleum imports. Canadian trade surplus came in lower than expected at 5.11b. From UK industrial production and manufacturing production were slightly better than expected in April, rising 0.2% mom, 0.1% mom respectively. Germany Wholesale price index accelerated to a 26 year high of 8.1% yoy in May. RICS house balance was at -92.9%, better than expectation of -97%. FCLG house prices slowed to 4.9% yoy in Apr. Japanese machine orders rose much more than expected by 5.5% mom in Apr, with yoy rate at 0.5%. Machine tools orders also jumped by 1.4%.
Dollar continues to strengthen further against most other currencies, in particular the Euro, Sterling and Swissy. Trade deficit in US jumped to the widest level of -60.9n in Apr due to surge in petroleum imports. Canadian trade surplus came in lower than expected at 5.11b. From UK industrial production and manufacturing production were slightly better than expected in April, rising 0.2% mom, 0.1% mom respectively. Germany Wholesale price index accelerated to a 26 year high of 8.1% yoy in May. RICS house balance was at -92.9%, better than expectation of -97%. FCLG house prices slowed to 4.9% yoy in Apr. Japanese machine orders rose much more than expected by 5.5% mom in Apr, with yoy rate at 0.5%. Machine tools orders also jumped by 1.4%.
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