4 Global Market Updates- 17 September, 2022

 

In this article, we have covered the highlights of global market news about the Canadian Dollar, GBP/USD,  XAU/USD, XAG/USD and S&P 500.

Canadian Dollar Forecast: CAD Struggles Due to Technical Issues and Low Oil Prices

The Bank of Canada (BOC) increased interest rates by 75 basis points last week, making it the fourth significant rate increase since March. The BOC claims that in order to get inflation below its target rate, a further downturn in family demand is necessary.

The CAD did gain some strength as a result of the attempt to frontload rate increases. Since then, we have seen a general return of CAD weakness as the USD and the EUR have risen. Given the FOMC meeting the following week, there is a good chance that the Canadian Dollar will get some relief if the Fed’s view is less hawkish than anticipated. It is not advisable to be committed to any long-term bias at this time given the fluctuating emotions and in particular with the FOMC meeting coming up.

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