Traders betting that the U.S. Federal will soon tone down its aggressive rate hike policy got a lift after the Bank of Canada on Wednesday became the first major central bank to say it would likely hold off on further increases for now.
The prospect of a less aggressive pace in monetary tightening has stoked expectations of a so-called soft landing – a scenario in which inflation eases against a backdrop of weakening but resilient economic growth. Investor attention will also be on the Bank of England and European Central Bank meetings due next week, with traders looking for clues as to when the central banks are likely to turn dovish.In the currency market, the dollar index, which measures the U.S. currency against six major rivals, was at 101.57, not far off the eight-month low of 101.51 it touched last week.
A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at -68.8 basis points. The inversion of this curve has predicted eight of the last nine recessions, analysts have said.
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