BoC's Macklem: We don't have to do what the Fed does

Joshua Gibson FXStreet

Bank of Canada (BoC) Governor Tiff Macklem hit newswires late Wednesday, reiterating that the BoC isn't beholden to following the Federal Reserve's (Fed) playbook as the two central banks grapple with slightly different economic situations.

Key highlights

BoC is getting close to being able to cut rates.
GDP growth is expected to be 1.5% in 2024, 2.0% in 2025 and 2026.
Data since January has increased our confidence that inflation will continue to come back down.
BoC expected core inflation to continue to ease gradually.
Growth in the Canadian economy appears to be picking up.
Monetary policy appears to be working.
BoC does not have to do whatever the Fed does.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD advances marginally around 1.1650 ahead of US data

EUR/USD manages to ragain some poise on Wednesday, posting humble gains around the 1.1650 zone in a context of a modest selling pressure on the US Dollar prior to the release of Retail Sales and Producer Prices.

GBP/USD eases from tops, back to 1.3440

GBP/USD trades on the positive foot on Wednesday, receding from earlier highs around 1.3460 and revisiting the 1.3440 region amid a modest uptick and some selling interest surrounding the Greenback ahead of US data.

Gold looks bid, targets $4,650

Gold prices rapidely leaves behind Tuesday’s pullback and reaches record highs near $4,640 on Wednesday. The yellow metal’s uptrend remains propped up by Fed rate cut bets, lower US Treasury yields across the curve, and the slight downtick in the buck.

US Retail Sales expected to arrive moderately higher on Wednesday

The United States Census Bureau will publish November Retail Sales on Wednesday. The delayed data is expected to show that sales rose a modest 0.4% in the month, following no change in October. The figure is relevant as it corresponds most closely with the consumer spending component of Gross Domestic Product.

US economic outlook: January 2026

Jerome Powell's eight-year tenure as Chair of the Federal Reserve is coming to a close during a period of intense pressure on the US central bank and divided views among policymakers about the appropriate stance of monetary policy.

Meme Coins Price Prediction: DOGE, SHIB, and PEPE rally, catching Bitcoin's second wind

Meme coins such as Dogecoin, Shiba Inu, and Pepe recorded gains of 7% to 14% on Tuesday, signaling a potential reversal to the upside. DOGE and SHIB hold steady after the bounce back while the frog-themed PEPE extends gains, signaling further upside potential.