Stock markets were bolstered by a wave of optimism yesterday when the U.S. Producer Price Index for October came in with a reading of 0.2%, or 0.3% higher than economists had forecast. The country’s flagship S&P 500 Index rode the good news to an historic high, closing at 2051.
The U.S. Senate voted yesterday on the Keystone Pipeline Project, which fell one vote short of generating the 60 out of 100 votes needed to move forward. We will therefore need to wait until next year to see whether the bill will pass when there are likely to be eight more Republicans in the Senate.
According to Bank of Canada Deputy Governor Agathe Coté, the BoC is currently studying the possibility of raising its inflation target and using solely core inflation, which excludes the most volatile items, as an inflation indicator.
This afternoon, we will be keeping an eye on the most recent FOMC meeting minutes. Have a great day!
Range of the day: 1.1300 – 1.1400
Range of the next 5 days: 1.1150 – 1.1550
