Stephen Poloz To Speak This Morning
The National Bank of Canada | Mar 28, 2017 09:15AM ET
Central bankers will be the focus of investors’ attention today, as we keep an eye on a speech by Bank of Canada Governor Stephen Poloz starting at 10 a.m. in Oshawa and comments from four Federal Reserve members including Chair Janet Yellen early in the afternoon.
The U.S. Dollar Index (DXY) is stabilizing after a rough March and is trading at its lowest level in more than four months. The current level is significant from a technical standpoint, as the DXY is holding on just above its trendline. A rally in the U.S. dollar coupled with a further correction in crude oil could provide our exporting clients with an attractive opportunity to implement hedging. We could soon see the highs recorded on the USD/CAD pair last November and December all over again.
Oil is nudging upward this morning while the loonie is down against all its major peers. In terms of indicators, at 10 a.m., we’ll get a look at U.S. Consumer Confidence. It should also be noted that Quebec Finance Minister Carlos Leitão will table his 2017-2018 provincial budget today at 4 p.m.
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