Forex Signals Brief for Oct 24: BOC to Hike Interest Rates
Rowan Crosby • 2 min read
It has been a slow start to the week from an economic data perspective and today things are about to start to get interesting. The BOC is due to announce their official interest rate decision and that should spark forex markets into action.
It’s widely tipped that the BOC will raise rates today and that means there is going to be plenty of interest for those looking to buy the CAD.
At the same time, a key export from Canada, oil, has been on the slide. Saudi Arabia is suggesting it can ramp up oil supply and that is weighing on markets. Later today, we also get the official EIA crude inventory report and we saw last night there was a big build in the unofficial API data. So there might be more pressure on oil today.
It appears markets are in for a big close to the week, as we also have the ECB and US GDP to think about. Things are about to get interesting that’s for sure.
Forex Signal Update
The FX Leaders Team grabbed two winners in gold yesterday, with only the one loss.
S&P 500 – Wall Street continues to sell-off, but we might be overdone. Keep a watch on the market today on the US open.
DAX – The DAX has cracked key support at 11400, but watch for a potential rebound.
NZD/USD – Active Signal
The NZD/USD has been in in a tight range and our signal is still holding. We’ve had a decent bounce off 0.6450 and there appears more room to move.
EUR/GBP – Active Signal
The EUR/GBP has seen a bit of upside recently thanks to a bit of a negative lead from the GBP. This little pullback looked a good entry point as we might just get another run at the recent highs.