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Canadian dollar rises to 4-week high as BoC resumes rate hikes
The Canadian dollar strengthened to a four-week high against its U.S. counterpart on Wednesday as investors bet that the Bank of Canada would continue to raise interest rates next month after it tightened for the first time since January. The Canadian central bank hiked its benchmark rate by 25 basis points to 4.75%, the highest level in 22 years, on increasing concerns that inflation could get stuck significantly above its 2% target amid persistently strong economic growth. "The tone of the statement was pretty hawkish, which is not a surprise given the recent data flow," Benjamin Reitzes, Canadian rates & macro ... (full story)
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- Posted: Jun 7, 2023 2:00pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 914
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