Central bank speakers at the top of the hour
The Fed’s Barkin and BOC’s Wilkins are expected to speak at the top of the hour. Barkin is speaking on the economy to Morgantown Partnership and Carolyn Wilkins speaks at the Bank of Canada’s Mandate workshop.
The USDCAD try to extend back above its 100 and 200 hour moving averages at 1.31907 and 1.31968 respectively, but quickly failed and is trading back toward the closing levels from yesterday at 1.3171. The low for the day extended to 1.3159 in the Asian session. I level corresponded with a low from Friday’s trade. On Monday the price extended below that level only to find support buyers near the low from last week at 1.31324.
Remember Fed’s Powell is expected to speak at the virtual Jackson Hole Summit tomorrow. We can expect a slew of other Fed officials (and central bankers) chatting away over the next few days (I know CNBC has a number of Fed officials scheduled to speak over the next few days). There is some chatter that the Fed may set a expectations average target over time for inflation vs. the static 2% level currently employed. Ironically Bank of Canada’ Schembri said yesterday the BOC could be looking to set an average inflation rate over a longer period than one year.