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BOC Expected to Hold After Proactive Cuts Validated by Economic Data
The week of August 31 to September 4 gave the market a plethora of Canadian economic indicators to guide traders. From the politically charged gross domestic product data earlier in the week to the employment data and purchasing managers index (PMI) on Friday. The Canadian economy gave strong arguments about the Bank of Canada (BOC) strategy working to boost growth. The two BOC interest rate cuts appear to have stimulated exports and improved Canada’s GDP, but ultimately not enough to avoid a technical recession. BOC Governor Stephen Poloz is expected to hold rates on Wednesday, September 9 at 10:00 am EDT. The ... (full story)