Research Team at BBH, suggests that the North American session features the Bank of Canada meeting, US housing starts and the Fed's Beige Book (ahead of the early November FOMC meeting).
“The Bank of Canada is not expected to change policy, but downward revisions in its economic forecasts and pushing further out when the output gap is projected to close will likely give a dovish cast to the stand-pat policy. The market appears to be pricing in steady policy next year.
Bloomberg's calculation puts the odds of a November Fed hike at 17.1% and December at 53.2%. Like our interpolation, the CME estimates the odds at 8.3% for November and 60% for December. Neither the housing starts nor the Beige Book will likely change this materially.”
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