The October 2024 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services' Foreign Exchange Market Trading Desk.
Headlines
"The Japanese Yen continued to strengthen as a standout performer, heightened by the election of a new Prime Minister."
—Market Services FX Spotlight
- The Bank of Canada lowered its benchmark rate by 25bps and domestic data will be key to future decisions
- The Fed cut rates by 50bps and the USD sold off across the board
- Unlike the rest of the world, the Bank of Japan is undertaking rate hikes
- Crude oil has soared in response to tensions in the Middle East
- Many are predicting consecutive rate cuts at the European Central Bank
- The Brazilian Central Bank raised its benchmark Selic by 25bps as policymakers adopted a 3% inflation target
- The inauguration of Mexico’s new president has injected volatility into the markets
- Bangladesh is seeking an additional USD 3 billion from the IMF to rebuild foreign currency reserves