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Bank of Canada set to raise rates by another 75 basis points Core inflation is still on the rise

admin by admin
09/11/2022
in BOC
Bank of Canada set to raise rates by another 75 basis points Core inflation is still on the rise
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In European trade on Thursday (Oct 20), / fell back from high to trade at 1.3755, down 0.05%.

As analysts began to price in another 75 basis point rate hike as core inflation remained uncooled.

Given this, analysts believe the Bank of Canada will be disappointed by the report.

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The Bank of Canada was among the first to tighten policy this year, raising rates by 300 basis points in an effort to control inflation.

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The biggest one-off increase came in July, when the central bank raised rates by 100 basis points.

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All eyes are on next week’s meeting, with markets pricing in a 75 basis point rate hike on October 26, rather than the 50 basis points previously forecast.

Bank of Scotiabank said it expects the Bank of Canada to raise rates to 4.25% in 2022 (from 3.25% now, or another 100 basis points).

Canada is feared to slip into recession in 2023.

After two days of gains, USD/CAD fell to around 1.3770 in early European trade on Thursday, with traders awaiting a clear breakout of triangle support.

In this case, the pair depict the indecision of the market.

In addition to the support line of the three-day symmetric triangle, the relative strength indicator (14) has also given USD/CAD buyers hope.

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The Bank of England has warned that a sharp rise in interest rates would hit the economy

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Inflation is still hot and the Fed will raise rates by 75 basis points

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