The greenback rallied against most major rivals, while the yen declined as upbeat Wall Street earnings diminished global appetite for safe-haven assets. Same goes for gold as the precious metal dipped on bullish waves in the stock market indices.

Today, the investor focus shifts on the inflation figures from Canada and the FOMC meeting minutes from the United States. Yup, looks like another interesting day to capture green pips.

Watchlist – Key Economic Events Today

CAD – Canadian CPI m/m – 12:30 GMT

Statistics Canada will be releasing the inflation rate for the Canadian dollar. The yearly inflation rate in Canada declined to 2% in June 2019 from 2.4% in the prior month and in line with market forecasts, as costs decreased for defense and transportation, while energy prices declined further.

CPI data is expected to rise from -0.2% to 0.1%, which may underpin support to the Loonie.

Core CPI m/m – Canada’s core consumer prices index increased 2% in June 2019 across the same month in the previous year. Core Inflation Rate in Canada averaged 2.15% from 1984 until 2019, testing an all-time high of 5.40% in January 1987 and a record low of 0% in June 1984.

USD – EIA Crude Oil Inventories – 14:30 GMT

The American Petroleum Institute reported late Tuesday that US crude supplies fell by 3.5 million barrels for the week ended August 16, according to sources. The API also reportedly showed a stockpile decline of 403,000 barrels in gasoline, while distillate supplies rose by 1.8 million barrels.

The Energy Information Administration is expected to post a draw of -1.4M vs. 1.6M barrels. Oil traders will wait for numbers before taking positions.

USD – FOMC Meeting Minutes – 18:00 GMT

The US Federal Reserve‘s FOMC meeting minutes will be of particular interest. While economic data remains relatively upbeat, the markets are expecting the FED to provide support. Will the minutes be aligned with market expectation? Well, that’s what we need to see.

For newbies, the FOMC Meeting Minutes are a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.

The FOMC meeting minutes of the July policy meeting will be eyed as traders will be expecting them to emit more light on the prospects of the two dissenting members that voted against a rate cut in July. At the end of the week, Fed Chair Powell is scheduled to speak and may shed some color on what’s to come.

Good luck, and see you with technical outlook updates shortly!