4 Global Market Updates- 8 August, 2022

 

In this article, we have covered the highlights of global market news about the USD/CAD, XAU/USD, EUR/USD and USD/THB.
USD/CAD: As BoC nears the terminal, the loonie is expected to decline.

The Canadian currency is expected to drop somewhat, according to experts at CIBC Capital Markets, as weaker global growth affects commodities and the Federal Reserve marginally outperforms the Bank of Canada (BoC).

“While we anticipate another unconventional boost at the September meeting, if the market interprets it as the end of the BoC’s tightening cycle, it won’t be constructive for the loonie.”

“With a widening travel services trade imbalance and a colder path for commodities, we forecast USDCAD is hitting 1.33 in early 2023. However, a general weakening of the USD that year as the Fed maintains its hold position predicts that the loonie won’t decline much lower during the following year. Overall, the currency CAD remains rangebound.

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