Despite the recent developments in Europe, especially in the UK, Manchester attack, and raising the level of security in the UK, markets have been trading with low volume.
Moreover, the European session today was quiet amid a lack of fundamentals across Europe, despite the fact that the German Consumer Confidence release, which posted the highest level since 2011.
Yet, the market kept on trading within a tight range and low volume until this report was released.
During the US session ahead, there are some economic releases and events, which may finally lead volatility to pick up notably.
Bank of Canada Rate Decision
At the beginning of the US session today, all eyes will be on the Bank of Canada rate decision at 14:00 GMT+, which likely to have a notable impact on CAD pairs.
The estimates point to no change. The Bank of Canada is expected to keep the overnight rate on hold at 0.5%.
Canada’s inflation rate has picked up since the beginning of the year, just like the rest of the world, the YoY CPI advanced to 2.1% in December of last year, after it was below 1.1% in Mid-2016.
At the same time, inflation has slowed down a little bit back to 1.6% for the past two months.
On the other hand, growth also picked up, the MoM GDP posted the longest growth stake since 2013, posting seven months of consecutive gains.
Read full report: https://www.orbex.com/blog/2017/05/boc-decision-fomc-meeting-minutes-ahead/