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Canadian Dollar Plunges As BOC Abandons Bias for Future Rate Hikes

The Canadian dollar is sliding midweek after the central bank removed its bias about future increases to interest rates as the economic slowdown intensifies. This has left the market betting that there will not be a rate hike until at least sometime next year. While it did pledge to adapt monetary policy to incoming data, it does not anticipate substantial growth anytime soon.

Canadian Dollar Slumps to Four-Week Low Ahead of BOC Rate Decision

The Canadian dollar weakened to a four-week low on Tuesday ahead of the Bank of Canada (BOC)’s decision on interest rates. The market is anticipating a prolonged pause to rate hikes, which suggests that officials are not confident that the economy can withstand a move to normalize monetary policy. Investors also traded the loonie on rallying energy prices, as well as data that showed nearly half of Canadians are on the brink of insolvency.

Norwegian Krone Follows Crude Oil in Rally

The Norwegian krone gained today as the rally of crude oil boosted currencies of oil exporting nations.

Canadian Dollar Rises with Crude Oil, Gains Capped by BoC Worries

The Canadian dollar gained against other most-traded currencies today thanks to a big rally of crude oil. But gains were limited as market participants were waiting for the monetary policy decision of Canada’s central bank later this week.

Canadian Dollar Weakens on IMF Forecast, Crude Oil

The Canadian dollar is weakening on Tuesday after the International Monetary Fund (IMF) published a bearish report on the Canadian economy. The loonie endured additional pressure on tumbling energy prices, which is never good news for a country whose main export is crude oil.

Australian Dollar Gets Boost from Housing Data & Crude Oil

The Australian dollar rose against its most-traded rivals today, supported by domestic macroeconomic data and other positive fundamentals. There were negative factors as well, but positive ones had ultimately bigger impact.

Japanese Yen Mixed As Markets Try to Make Sense of Economy

The Japanese yen is mixed against a basket of currencies to start the trading week as traders try to make sense of the economy. It is a case of is Japan in a recession or is the economy already recovering? Policymakers cannot seem to determine what is going on in Tokyo, and the recent influx of data is not helping investors make a concrete bet on or against the world’s third-largest economy.

Mexican Peso Strengthens Amid Trump’s Border Shutdown Threat

The Mexican peso is rising against several currencies at the end of the trading week. The peso’s recent rally comes as President Donald Trump threatened to close the border, a move that many have estimated would cost both countries billions of dollars in lost commerce. On the domestic front, the federal government plans to curb spending amid slower economic growth and falling crude oil production, leaving financial analysts with the impression that the country […]

Canadian Dollar Rallies on GDP, Energy Prices

The Canadian dollar is rallying to finish the trading week, buoyed by economic growth beating market expectations and rising energy prices. Despite the multiple bearish forecasts regarding the loonie’s future, the currency recorded an impressive 2% to 3% gain against its most-traded rivals in the first quarter of 2019.

Canadian Dollar Weakens on Data, Energy Prices

The Canadian dollar is weakening against several major currencies to start the trading week as the loonie is still reeling from bad data. The dollar faced additional pressure on tumbling energy prices and investors sounding the alarm about Canada’s perpetual budget deficit problem. The loonie may get a bit of reprieve from a light-data calendar.

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