07:20 AM EDT, 08/07/2024 (MT Newswires) -- Bank of Canada (BoC) will release the Summary of Deliberations of the July 24 policy meeting, which saw a second consecutive 25 bps rate cut, at 1:30 p.m. ET on Wednesday, noted Bank of Montreal (BMO).

The Summary will be parsed to assess whether the BoC's extremely dovish tone was fully intentional, stated the bank. The policy statement, along with Governor Tiff Macklem's opening remarks and press conference, signaled that risks to the outlook are more balanced and that the incoming data will have to keep the BoC from cutting, rather than prompt the Canadian central bank to cut.

BMO will be looking for confirmation of the change in posture, and any hints on how far the BoC intends to ease policy. Lastly, markets will be watching closely for any thoughts on the Canadian dollar (CAD or loonie) and potential deviation from the United States Federal Reserve.

Also, the economy-wide Ivey PMI for July will be released at 10 a.m. ET Wednesday. In June, it was 62.5. The continued indication of economic growth (50+) reflects the rapid rise in population, pointed out the bank.

The US dollar (USD) is firmer (BBDXY +0.11%), with the loonie also stronger (CAD per USD -0.28%) early Wednesday, according to BMO.