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Bank of Canada’s language strengthens Canadian dollar

By MoneyWay | Oct 24, 2018

The Bank of Canada’s interest rate hike of 0.25% this morning, was fully expected, analysts were more interested in what the BoC had to say. This time the BoC acknowledged for the first time in more than a decade that it expects to completely remove monetary stimulus from the economy. The statement suggests policy makers — buoyed by the country’s new trade deal with the U.S. and Mexico — are growing increasingly determined to return the nation’s historically low borrowing costs to more normal levels, since a run of strong data suggests the economy is running up against capacity and is healthy enough to cope with rate normalization. The Canadian dollar jumped after the statement.

Both the pound and the euro fell to recent lows as a potential impasse within Britain’s Conservative party may stall the Brexit negotiations, the prospect of a leadership challenge against Prime Minister May has left everything hanging.

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