加拿大央行 降息结束后，预计2%的通货膨胀将持续下去。加拿大银行今天公布了一个消息良好、普遍预期的持有，将隔夜利率保持在2.25%，这是中性区间的底部，我们预计它将一直保持到2026年底。

BoC Done With Rate Cuts, Expects 2% Inflation to Persist.The Bank of Canada delivered a well-telegraphed, widely-expected hold today, keeping the overnight rate at 2.25%—the bottom of the neutral range and where we expect it will remain through the end of 2026.

美元/日元预测：美联储鹰派降息可能引发新的反弹。在伦敦下午晚些时候的交易中撰写本文时，由于预计美联储将第三次降息，美元普遍走低。今天没有发布重大数据，加拿大银行的利率决定来来去去也没有引发波动。

USD/JPY forecast: Hawkish Fed cut could trigger fresh rally.At the time of writing in late afternoon trading in London, the US dollar was broadly lower in anticipation of a third rate cut from the Fed. There was no major data release today and the Bank of Canada's rate decision came and went without stirring volatility.

概述加拿大央行 事件：经济弹性和数据依赖立场。概述加拿大央行 事件：经济弹性和数据依赖立场

Summary of the BoC event: Economic resilience and data-dependent stance.Summary of the BoC event: Economic resilience and data-dependent stance

俄罗斯消费者价格指数（月环比）：0.42%（11月），此前为0.5%。俄罗斯消费者价格指数（月环比）：0.42%（11月），此前为0.5%

Russia Consumer Price Index (MoM): 0.42% (November) vs previous 0.5%.Russia Consumer Price Index (MoM): 0.42% (November) vs previous 0.5%

原油库存下降至-181.2万，而估计为-23.1万。今天报告中的主要亮点是汽油和馏分油产量高于预期，这两个产量都大大高于预测，这对成品油需求来说是一个看跌信号。私人数据还显示，汽油在馏分油中积聚。

Crude oil inventories see a drawdown at -1.812 million versus -2.310 million estimate.The major standout in the report today was higher than expected gasoline and distillate builds, both of which came in sharply above forecasts — a bearish signal for refined product demand. The private data also showed a gasoline in distillate build.

加拿大银行按预期持有。开幕词强调，尽管关税和贸易不确定性继续对商业投资造成压力，但事实证明，经济相对有弹性。然而，它指出，尽管劳动力市场最近有所改善，但招聘意向的衡量标准仍然“疲软”。

Bank of Canada Holds as Expected .The opening statement highlighted that while tariffs and trade uncertainty continue to weigh on business investment, the economy has proven to be relatively resilient. However, it noted that measures of hiring intentions remain “subdued” despite the recent improvements in the labour market.

美元预测：DXY下跌，交易员等待美联储降息和鲍威尔指引。随着交易员等待美联储可能的鹰派降息，DXY走软。鲍威尔的指引和稳定的国债收益率塑造了短期美元预期。

US Dollar Forecast: DXY Slips as Traders Await Fed Rate Cut and Powell Guidance.DXY softens as traders await a potential hawkish Fed cut. Powell's guidance and steady Treasury yields shape short-term dollar expectations.

加拿大央行 确认长期暂停，市场转向高风险FOMC。加元在美国早盘交易中小幅下跌，此前加拿大央行 正如市场完全预期的那样，将政策利率维持在2.25%不变。虽然这一决定本身并不令人意外，但该声明对经济增长采取了略微谨慎的态度，促使加元在最近一段时间表现优异后小幅回落。

BoC Confirms Long Pause, Markets Pivot to High-Stakes FOMC.Canadian Dollar eased modestly in early US trading after the BoC left its policy rate unchanged at 2.25%, as markets had fully expected. While the decision itself carried no surprises, the statement struck a slightly cautious tone on growth, prompting a mild pullback in CAD after its recent period of outperformance.

加拿大央行 保持稳定，表明第四季度GDP疲软，通胀前景平衡。The 加拿大央行 今日隔夜利率维持在2.25%不变，与预期相符。声明中最值得注意的部分是管理委员会的评估，即如果通货膨胀和经济活动如10月份预测的那样广泛发展，目前的政策利率“大约在适当的水平”。

BoC holds steady, points to weak Q4 GDP and balanced inflation outlook.The BoC kept the overnight rate unchanged at 2.25% today, in line with expectations. The most notable element of the statement was the Governing Council's assessment that, if inflation and economic activity evolve broadly as projected in October, the current policy rate is “about the right level.

BOC Macklem：鉴于目前的风险平衡，政策利率处于适当水平。政策利率保持在2.25%，管理委员会认为，在通过美国贸易冲突引起的结构调整来支持经济的同时，将通货膨胀率保持在2%左右是合适的。

BOC Macklem: Given the current balance of risks, the policy rate is at the right level.Policy rate held at 2.25%, with Governing Council judging it as appropriate to keep inflation near 2% while supporting the economy through a structural adjustment caused by US trade conflict.

天然气新闻：空头回补提振今日期货，但预测仍看跌。天然气期货因空头回补而上涨，但交易员们关注即将发布的EIA报告和温暖的天气预报，以寻找进一步下跌的迹象。

Natural Gas News: Short Covering Lifts Futures Today but Forecast Remains Bearish.Natural gas futures rise on short covering, but traders eye upcoming EIA report and warm weather forecasts for signs of further downside.

美元/日元预测：为什么日元可能在2025年超过美元。美元/日元在过去五个交易日一直在上涨，但除了美联储和日本央行的利率决定外，还有更多有利于日元的因素。

USD/JPY Forecast: Why the Yen Is Likely to Top the Dollar in 2025.The USD/JPY has been on the upside in the last five sessions, but there's more to favor the yen in addition to Fed and BoJ rate decisions.

挪威央行不建议引入数字货币。挪威央行周三表示，目前不建议引入央行数字货币（CBDC），但可能会在稍后推出。

Norway central bank does not recommend introduction of a digital currency.Norway's central bank does not currently recommend the introduction of a central bank digital currency (CBDC), but may do so at a later time, it said on Wednesday.

CAD稳居领先地位加拿大央行 加拿大丰业银行的决定和麦克勒姆的评论。CAD稳居领先地位加拿大央行 加拿大丰业银行的决定和麦克勒姆的评论

CAD steady ahead of BoC decision and Macklem remarks – Scotiabank.CAD steady ahead of BoC decision and Macklem remarks – Scotiabank

新兴市场资产在美联储可能降息前走强；聚焦乌克兰。在普遍预期的美联储周三降息之前，新兴市场资产小幅上涨，而投资者也在关注乌克兰可能影响全球风险情绪的事态发展。

EM assets firm up before potential Fed cut; Ukraine in focus.Emerging market assets inched higher ahead of a widely expected interest rate cut by the Federal Reserve on Wednesday, while investors also monitored developments in Ukraine that could influence global risk sentiment.