Bank of Canada keeps interest unchanged as expected
Bank of Canada kept the interest rate at 0.25% unchanged, which was largely expected in the market.
The central bank and other banks around the world held their interest rates near zero to support their economies from the coronavirus crisis' repercussions.
Loonie keeps gains after expected rate decision
The Canadian dollar rose against its major peers on Wednesday, and kept its gains after the Bank of Canada’s interest rate decision.
The Bank of Canada decided to hold the interest rate unchanged at 0.25%, which was largely expected in the market.
This came within the bank's efforts to speed up the economy recovery from the pandemic impact and to help it return to its growth path.
Global markets are focusing on Joe Biden's inauguration as President of the United States later today.
News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.
As of 16:18 GMT, CAD/USD rose by 0.7% to 0.791, after hitting a high of 0.7933, and a low of 0.7844.
Brent jumps back above $56
Oil prices rose on Wednesday, as markets focus on Joe Biden inauguration as President of the United States.
News agencies reported that Biden intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.
The American Petroleum Institute will release its preliminary data on US crude inventories later today, and the Energy Information Administration will release its official report on Friday due to a holiday last Monday.
The dollar index held against a basket of major currencies at 90.4 points as of 17:09 GMT, after hitting a high of 90.7 points and a low of 90.2 points.
As of 16:47 GMT, WTI crude February futures rose 0.7% to $53.3 a barrel, after hitting a day high of $53.7 and a low of $53.06.
Brent March futures rose 0.7% to $56.3 a barrel, after hitting a high of $56.6 and a low of $55.9.
Dow Jones jumps back above 31,000 in early trading
US stock indices opened higher on Wednesday, as global markets focus on the US President-elect Joe Biden's inauguration.
Many US companies are still reporting their business results, as Netflix announced yesterday that the number of its subscribers rose to over 200 million with higher than expected revenues in the fourth quarter of 2020.
US President-elect Joe Biden today will be officially inaugurated as the president of the United States for the next 4 years, and the outgoing President Donald Trump wished success for Biden's administration and hinted at the possibility of returning to the political life.
As for stocks, Dow Jones rose 0.3% or 92 points to 31,022 as of 14:40 GMT, Nasdaq rose 1.3% or 174 points to 13,372, and S&P 500 rose 0.6% or 24 points to 3,824.