Bank of Canada Maintains Interest Rate Steady; Further Hikes in Coming Months Are Unlikely

A more pronounced and widespread slowdown in global economy, ongoing trade tensions and uncertainty, substantial drop and instability in oil prices, soft consumer spending and housing market, and weaker exports and business investments—all has contributed to Bank of Canada’s somewhat predictable decision to maintains its target for the overnight rate at 1 ¾ per cent.

Source: Bank of Canada

Following BoC’s announcement, the Canadian Dollar continues its weakening since Friday’s GDP data release and closes 0.7452.

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