Canadian dollar hits two-month low ahead of rate decision as trade deficit jumps GlobeInvestor
The Canadian dollar weakened to a two-month low against its U.S. counterpart on Wednesday ahead of an interest rate decision by the Bank of Canada, as oil prices fell and the government reported a record high trade deficit in December.
The price of oil, one of Canada’s major exports, fell as bullish output forecasts by two big U.S. producers and a build in U.S. crude stockpiles outweighed OPEC-led production cuts. U.S. crude oil futures were down nearly 1 per cent at $56.02 a barrel.The Bank of Canada is widely expected to hold rates steady, with the majority of analysts anticipating one more hike in 2019, though recent data has clouded the outlook and could force a more dovish tone. The interest rate decision is due at 10 a.
The decline for the loonie came as China’s foreign ministry said that the country’s customs officials had frequently discovered “hazardous pests” in samples taken recently from Canadian canola imports. Still, currency strategists expect the Canadian dollar to strengthen over the coming year as rising investor appetite for risk counters a slowdown in the domestic economy that could deter the Bank of Canada from raising interest rates, a Reuters poll showed.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian dollar hits five-week low as China deals potential blow to economyCanadian dollar hits five-week low as China deals potential blow to economy GlobeInvestor
Read more »
Bullish calls for Canadian dollar linger as risk appetite perks upBullish calls for Canadian dollar linger as risk appetite perks up GlobeInvestor
Read more »
Canadian dollar slips after report that economic growth slowed in fourth quarterCanadian dollar slips after report that economic growth slowed in fourth quarter GlobeBusiness
Read more »
Canadian dollar weakens as current account gap widens, stocks fallCanadian dollar weakens as current account gap widens, stocks fall GlobeInvestor
Read more »
Canadian dollar strengthens as oil rally offsets inflation slowdownCanadian dollar strengthens as oil rally offsets inflation slowdown GlobeBusiness
Read more »
Canadian dollar hits five-week low as China deals potential blow to economyCanadian dollar hits five-week low as China deals potential blow to economy GlobeInvestor
Read more »
U.S. trade deficit jumped to 10-year high; record gap with ChinaThe Commerce Department figures undermined a key commitment by Trump, who promised to cut the trade imbalance on the belief that it would bring back overseas factory jobs and bolster the broader U.S. economy
Read more »
Canada racks up record trade deficit in December as energy exports slumpCanada racks up record trade deficit in December as energy exports slump GlobeBusiness
Read more »
New electric hypercar capable of hitting 100 km/h in under two secondsItalian automaker Pininfarina has unveiled the Battista, a new electric hypercar it claims to be “the world’s first luxury electric hyper performance GT.”
Read more »