FX Daily Update
The National Bank of Canada | Apr 21, 2015 08:55AM ET
In a speech in New York yesterday, Bank of Canada Governor Stephen Poloz confirmed that January’s surprise key rate cut had provided the desired result after the shock surrounding the nosedive in crude oil prices. Consequently, any chance of a further rate cut, which until recently had been a possibility, is now greatly diminished, as Mr. Poloz stated that his decision in January was “just about right” to offset the drop in crude oil prices and get the economy back on its previous track.
South of the border, U.S. equities gained ground yester day, as several corporations announced their first quarter results (DJIA, +1.17 %, S&P 500, +0.92 %, NASDAQ, +1.27 %). The euro continues to go through a rough patch with mounting fears that Greece could default on its debt and is likely to be forced out of the eurozone in the coming months.
The economic calendar is sparse in terms of indicators this morning.
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