The mixed data since the last meeting though makes the FOMC minutes – released on Wednesday – all the more interesting. March appears unlikely for the first cut but the minutes could tell us how close policymakers think they are.
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The Bank of Canada (BoC) might move to the sidelines on Wednesday at 14:00 GMT after two rate increases during the summer. Investors are not seeing any additional hikes in the year ahead, but they have not excluded the case entirely. Hence, any clues the central bank could return to the tightening path in the foreseeable future could provide some footing to the loonie. Yet, with the economy fizzling out, the central bank may refrain from boosting rate expectations, likely providing poor support to the Canadian currency.