Speculating on the moves by the Bank of Canada, the Loonie
bottomed to the lowest level in more than a week. With the central bank holding
its benchmark interest rate at 1 %, the Canadian dollar stumbled down fell
against its major counterparts.
The Canadian dollar moved down 0.5 % to 1.1034 against the
greenback. Against the major counterparts of US dollar, the Canadian dollar was
seen to slump down lower this year.
The Bank of Canada has lowered the forecasts of the growth
considering the change in demand from consumers to exports and business
investment that are further fueled by the weaker loonie and increasing U.S.
orders.
Bank of Canada Governor Stephen Poloz stated in a press
conference that they remain neutral and are still considering on rate cuts.
Moreover, the Bank of Canada expects the Canadian dollar to remain the same in
the recent trading value of around 91 U.S. cents.
No comments:
Post a Comment