FX Daily Update
The National Bank of Canada | Dec 14, 2016 09:02AM ET
What does the U.S. Federal Reserve have in store?
After much wavering, today is finally the day according to projections that the U.S. Federal Reserve (Fed) should deliver its first (and last) tightening of monetary policy in 2016. More so than usual, a great deal of scrutiny will be placed on the official statement in order to gauge the pace of future tightening. Any comments hinting at the possibility of three or more rate hikes in 2017 will be interpreted as an aggressive policy and should result in a higher greenback.
In the meantime, a climate of caution is dominating markets this morning, with the greenback slightly weaker against its peers. Oil prices (WTI) are down 1.4%, with a barrel just above $52.
The economic indicator calendar continues to be sparse in Canada, and U.S. November Retail Sales at 8:30 this morning are the only attention-worthy reading on deck. Considering how important consumer spending is for the U.S. economy, this will be an opportunity to get hard numbers for the famous Black Friday shopping event.
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