Good Morning Traders!
It is Wednesday 7th of June, today we get the BoC rate decision, here are some other things to look out for.
Sentiment
The dollar and Treasuries fell as markets expected the Federal Reserve to raise interest rates again next month. The Canadian dollar recovered from early losses as investors awaited the central bank's policy decision later in the day. Traders are pricing in a roughly 80% possibility of a 25bps rise in US rates in July, a touch higher from Tuesday. US futures and European shares fell as a larger-than-expected drop in Chinese exports raised new concerns about global demand strength.
Docket
8:30 AM ET
US Trade Balance for April - Median Forecast -75.8 bln | Prior -64.2 bln | Range -73.5 Bln/-79.1 bln
Canadian Trade Balance for April - Median Forecast 0.5 bln | Prior 0.97 bln | Range 1.6 bln/-0.2 bln
10:00 AM ET
BoC Rate Decision - Median Forecast 4.5% (No Change) | Prior 4.5%
BoC Rate Statement
If you would like to look at our prep doc READ HERE
10:30 AM ET
EIA Crude Oil Inventories - Median Forecast 1.5M | Prior 4.489M | Range 3.2M/-3M
Good Luck Traders
