– FX range bound, North Asia equities fell,
– Singapore inflation surprised to the upside
– Focus on the BoC
– Spain to sell 84-day and 175-day bills today
What to watch for today
CAD: Unchanged. We expect the BoC to remain on hold on Tuesday, in line with consensus. More doubt surrounds the tone of the statement, given the absence of hawkish elements in comments released by Governor Carney last week. The BoC has maintained a hawkish guidance throughout recent months, but market expectations have shifted towards a shift in rhetoric today, with a majority of forecasters in a recent Reuters poll indicating they expect to see at least a partial rollback in the message.
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