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24 Jan 2024

Macklem speech: Important not to give a false sense of precision regarding timing of a rate cut

Tiff Macklem, Governor of the Bank of Canada (BoC), and Senior Deputy Governor Carolyn Rogers explain the BoC decision to leave the interest rate unchanged at 5% after the January policy meeting and respond to questions from the press.

Key quotes

"Inflation is still somewhat broad-based and that's why we're concerned about the persistence of underlying inflation

"It's important that we don't give Canadians a false sense of precision as regards the timing of a rate cut."

"If governments were to add more spending on top of what they've already planned for this year, it certainly could start getting in the way of trying to bring inflation down to 2% target."

"We didn't spend a lot of time talking about hikes this time."

Jan 24, 2024

EUR/GBP Price Analysis: Bears dominance persists after EU and UK PMIs

In Wednesday's session, the EUR/GBP pair was trading at 0.8549, reflecting a mild losses but recovered after hitting a low of 0.8535 earlier in the session, it lowest level since September.
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Jan 24, 2024

Canadian Dollar roils as US PMIs overshadow BoC rate hold

The Canadian Dollar (CAD) fell on Wednesday, pushed lower across the FX market as the Loonie struggles under the weight of a dovish Bank of Canada (BoC) that is still extremely cautious on rate cuts with Canadian inflation not expected to return to the BoC’s 2% target until 2025.
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