Dollar bears need 0.2% CPI gain – SocGen DollarIndex BOC CPI NZDCAD Banks
and Bank of Canada meetings on Wednesday and US CPI on the same day. Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes how these events could impact the FX market.We’ve already seen higher-than-expected Norwegian CPI data prompt a further jump in NOK/SEK, which shows central bank behaviour remains dominant, but we expect 0.3% increases for both headline and core CPI in the US.
We probably need a 0.2% print to give EUR/USD a chance of getting back above 1.10 . Absent that, the market’s looking for a 25 bps BoC hike , and no change from the RBNZ . Assurances the latter is ‘done’ and concern about China could be enough for NZD/CAD to head lower again.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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