6% of the 7% rise in USD/CAD since October is down to a risk premium – ING

As the Bank of Canada concluded in two great articles in its Monetary Policy Report released yesterday, tariffs could be a massive game-changer, ING's FX analyst Chris Turner notes.

Investors are waiting for tariff news

"BoC calculated that 6% of the 7% rise in USD/CAD since October was down to a risk premium. Investors await tariff news either this weekend or, failing that, in April after the Commerce Department and the US Treasury conclude their review into why the US runs persistent trade deficits."

Jan 30, 2025

USD: Fed does not move the needle – ING

The US Dollar (USD) failed to hold very modest gains from the initially hawkish-sounding FOMC statement. Subsequent clarification comments from Chair Jay Powell through the press conference saw both USD rates and the dollar hand back those gains, ING's FX analyst Chris Turner notes.

Base metals inventories rise due to weak consumption – ING

The latest data from the Shanghai Futures Exchange (SHFE) shows that weekly inventories for most of the base metals rose over the reporting week primarily due to weak consumption just ahead of the Lunar New Year holidays, ING's commodity experts Ewa Manthey and Warren Patterson note.