A look at Thursday morning’s market action
this year and chair Jerome Powell suggested there were no plans to cut rates anytime soon.
Later this morning, the ECB delivers its latest rate decision and is again expected to increase borrowing costs by a quarter percentage point. That follows similar moves last week by several other central banks, including those in Canada and Australia. The day range on Brent was US$72.91 to US$73.85 in the early premarket period. The range on West Texas Intermediate was US$67.97 to US$68.88.Prices were hit by the Fed’s ‘hawkish’ skip that “included a clear message that they have a long way to go until they get to the 2 per cent inflation target,” OANDA’s Ed Moya said in a note.
The day range on the loonie was 74.86 US cents to 75.08 US cents in the predawn period. The Canadian dollar is up 0.2 per cent over the last five days and more than 1 per cent over the past month.
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