FX Daily Update
The National Bank of Canada | Apr 14, 2016 09:09AM ET
Bank of Canada upbeat
Although the BoC kept its key rate unchanged at 0.5% yesterday, it nevertheless announced that it had upgraded its growth outlook for 2016 and 2017, citing the positive impact of the federal government’s budget measures as a main factor. Governor Stephen Poloz went on to say that without these measures, the BoC would have had to seriously consider a rate cut. Once again, global economic woes were brought up as a reason to remain cautious. Since the announcement, the CAD has lost back all the ground it had gained on the USD over the past two days.
A few economic indicators of note are on the agenda in North America this morning. South of the 49th parallel, U.S. Initial Jobless Claims and the Consumer Price Index are on tap after yesterday’s Retail Sales and Producer Price Index data were generally disappointing. On our side of the border, we’ll be keeping an eye on the New Housing Price Index at 8:30 this morning.
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