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Former St. Louis Federal Reserve (Fed) President James Bullard said on Tuesday that the central bank may begin cutting interest rates before inflation hits 2%, potentially as soon as March.
It is widely anticipated that the Bank of Canada (BoC) will maintain its policy rate at 5.0% for the fourth consecutive time at its event on Wednesday, January 24.
The Japanese Yen (JPY) ticks higher following the previous day's good two-way price swings, albeit lacks bullish conviction and remains confined in a familiar range during the Asian session on Wednesday.
The Canadian Dollar (CAD) fell on Wednesday, pushed lower across the FX market as the Loonie struggles under the weight of a dovish Bank of Canada (BoC) that is still extremely cautious on rate cuts with Canadian inflation not expected to return to the BoC’s 2% target until 2025.
The US Dollar (USD) sees its gains in the runup to the Richmond Manufacturing numbers being partially erased with yet another miss on estimates. Markets meanwhile are having difficulties with the Bank of Japan (BoJ) rate decision this Tuesday.