The exchange rates are based on your location. You can manually select your location, with the default set to the Vancouver branch.


Services
  • Services

  • Payment Methods

  • Swift/IBAN

USD:

Buy:

1.3583

/

Sell:

1.3899

0.04%


0.04%


EUR:

Buy:

1.4867

/

Sell:

1.5318

0.01%


0.01%


GBP:

Buy:

1.7707

/

Sell:

1.8318

-0.01%


-0.01%


JPY:

Buy:

0.00896263

/

Sell:

0.0094126

-0.21%


-0.21%


October 10th 2024, 8:46:11 am

(about a few seconds ago)

Market Direction Remains Uncertain

Share On

As we step into the second week of 2024, stock markets continue to meander within a range, lacking a definitive trajectory for the year ahead. The S&P 500 and Nasdaq have experienced marginal declines of 0.34% and 1.29% year-to-date, respectively, while Canada's benchmark exhibits a slight positivity, courtesy of the energy sector.

Current market sentiment suggests a speculation that significant US rate cuts may commence as early as March. However, according to Federal Reserve projections, the first rate cut is anticipated in June. Given the robust US economy, there is a possibility that this timeline could be further delayed.

Recent economic experiences underscore the notion that events unfold more gradually than initially presumed. Even the presumed alleviation of concerns surrounding inflation may prove to be a more extended process, potentially deferring interest rate cuts.

Moreover, there persists a prevailing belief that elevated inflation and interest rates might become the new normal in the foreseeable future. Factors such as heightened energy prices, a shifting role for China in the global economy, and the ongoing green transition contribute to the potential for sustained inflation.

Investors appear to favor the US over other economies, including Canada. Following a lackluster performance of Canadian equity markets compared to the US in 2023, expectations loom for both stock markets and currencies to underperform in 2024.