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TechnologyCanadian dollar falls as Bank of Canada's Poloz says economy weaker than expected

16:55  06 december  2018
16:55  06 december  2018 Source:   reuters.com

Canadian dollar dips after weaker-than-expected inflation, retail sales

Canadian dollar dips after weaker-than-expected inflation, retail sales Canadian dollar dips after weaker-than-expected inflation, retail sales

Nov 05, 2018. Bank of Canada (BOC) Governor Stephen Poloz (June 2013 - June 2020) is to speak. As head of the BOC' s Governing Council, which controls key short term interest rates, Poloz has more influence over the Canadian dollar ' s value than any other person.

Stephen Poloz , governor of the Bank of Canada , raised Canada ' s key “Recent economic data have been stronger than expected , supporting the Bank ’s view that growth in Canada is becoming more Recent data from Statistics Canada revealed the economy expanded at an annualized rate of 4.5 per

Canadian dollar falls as Bank of Canada's Poloz says economy weaker than expected© Reuters/Mark Blinch A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto

(Reuters) - The Canadian dollar fell against its U.S. counterpart on Thursday to a nearly 18-month low, as Bank of Canada Governor Stephen Poloz said the economy was weaker than forecast and predicted low oil prices would cut growth.

Poloz's comments were likely to reinforce market expectations that the pace of future rate hikes will ease off.

At 9:17 a.m. (14:17 GMT), the Canadian dollar was trading down 0.4 percent against the greenback, at 1.3415 or 74.54 U.S. cents. The currency hit its weakest level since June 12, 2017 at 1.3445 earlier in the session.

Poloz, speaking a day after the central bank kept interest rates on hold, repeated that more tightening would be needed to keep inflation on track but added the pace would be decidedly data-dependent.

Poloz endorses North American exceptionalism during global tumult

Poloz endorses North American exceptionalism during global tumult It’s like one of the old National Hockey League all-star games: North America versus the world. Canada and the U.S. will keep performing so well that monetary stimulus is no longer needed in those two economies even as the rest of the world shines less brightly. That’s one takeaway from the Bank of Canada’s decision Wednesday to raise its policy rate to 1.75 percent. Financial markets could use some reassurance. Much of 2018 has been marked by a divergence trade in which U.S. equities pulled away from the rest of the world. Many bourses in Asia are already in bear markets.

Poloz says only careful examination of economic data as it comes in will determine when interest rates rise next. Minister of Finance Bill Morneau, pictured, included some stimulative spending plans in his fall fiscal update that could affect Bank of Canada governor Stephen Poloz ' s future decisions on

The Canadian economy is making progress in adjusting to low oil prices and recovering from the global financial crisis, Bank of Canada Governor Stephen S . Poloz said today. In a speech to the Yukon Chamber of Commerce, Governor Poloz gave a progress report for the economy since the Bank ’ s

Much of the bank's discussion ahead of the interest rate announcement on Wednesday had been focused on oil, he said. Prices for crude, one of Canada's main exports, are sinking amid a supply glut and this is hurting Alberta, the western province which is home to the domestic industry.

Oil prices tumbled about 3 percent in a volatile session on Thursday after OPEC signaled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stock markets.

Canada's trade deficit widened in October to C$1.17 billion ($0.87 billion), as both imports and exports dipped, Statistics Canada said on Thursday.

"The unexpectedly large widening of the trade deficit in October is a sign of things to come, with continued falls in energy prices in November set to cause export values to decline further," Stephen Brown, senior Canada economist at Capital Economics, said in a note.

Canadian dollar dips as broader gains for greenback offset GDP beat

Canadian dollar dips as broader gains for greenback offset GDP beat Canadian dollar dips as broader gains for greenback offset GDP beat

Currencies Canadian Dollar . Dollar firms as countdown to Trump-Xi meeting gets underway. The dollar fell broadly on Friday in the wake of cautious comments from two U.S. Federal Reserve The price of oil, one of Canada ' s major exports, rose on hopes for output cuts after a steep drop a day

Browse and filter Bank of Canada press content by topic, author, location and content type. Diverging monetary policies are the natural consequence of large declines in resource prices and should be expected , Bank of Canada Governor Stephen S . Poloz said in a speech today at the

The Canadian dollar will rally over the coming year if oil prices recover and the Bank of Canada continues lifting interest rates, according to a poll of currency strategists who have become less bullish on prospects for the currency.

On Thursday, broader risk sentiment was weak and global stock markets slumped for a third day running as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.

Canadian government bond yields were lower on the day, with the yield on the 10-year at 2.078 percent, down from 2.135 percent at the close of the previous session.

(Reporting by Saqib Iqbal Ahmed; Editing by Bernadette Baum)

Follow @MSNMoneyCanada on Twitter.

Bank of Canada expected to leave rate unchanged.
The Bank of Canada is widely expected to leave its benchmark interest rate unchanged at 1.75 per cent today after a 25-basis-point increase at its last setting in October. THE CANADIAN PRESS/Sean Kilpatrick OTTAWA - The Bank of Canada is widely expected to leave its benchmark interest rate unchanged at 1.75 per cent today after a 25-basis-point increase a This morning's announcement comes in the wake of a move by the Alberta government to curtail oil production in the province after Jan. 1 to try to clear a crude storage glut that has driven western Canadian oil prices to multi-year lows.

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