CAD – The Canadian dollar strengthened to a two-week high on Wednesday as domestic inflation data bolstered expectations for another upsized interest rate hike from the Bank of Canada.
Commenting on today’s report, Monex stated that “today’s CPI release confirms that the BoC took the right track when embarking on a 50 basis point hike last week. If May’s data shows the pace of shelter and food inflation continues to be robust, we expect the BoC to go back-to-back with 50 basis point hikes.”
JPY – The Japanese Yen pulled off its 20-year lows on Wednesday, as increased nervousness around verbal intervention from Japanese authorities caused some participants to square their short bets.
Nevertheless, market consensus remains for further weakness ahead for the safe-haven currency, with TD Securities noting that “many are watching 130 as a key level (for USDJPY), but we view 135+ as a more formidable line in the sand.”
Commenting on today’s report, Monex stated that “today’s CPI release confirms that the BoC took the right track when embarking on a 50 basis point hike last week. If May’s data shows the pace of shelter and food inflation continues to be robust, we expect the BoC to go back-to-back with 50 basis point hikes.”
JPY – The Japanese Yen pulled off its 20-year lows on Wednesday, as increased nervousness around verbal intervention from Japanese authorities caused some participants to square their short bets.
Nevertheless, market consensus remains for further weakness ahead for the safe-haven currency, with TD Securities noting that “many are watching 130 as a key level (for USDJPY), but we view 135+ as a more formidable line in the sand.”
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