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BoC Pessimistic About Trump
As expected, the Bank of Canada maintained the benchmark rate at 0.50 percent on Wednesday. However, a pessimistic outlook from the BoC sent the Canadian dollar tumbling 1.5 percent (1.329). BoC Governor Stephen Poloz expressed his unease, saying he expected Canada to take a “material” hit from a much more protectionist United States after Donald Trump becomes president. Poloz added that the bank was closely monitoring its southern neighbor and biggest economic partner, and that a rate cut was on the table. Poloz’s bearish remarks sent the Canadian dollar sharply lower, and the currency has dropped to 2-week lows against the greenback on Thursday.
As expected, the Bank of Canada maintained the benchmark rate at 0.50 percent on Wednesday. However, a pessimistic outlook from the BoC sent the Canadian dollar tumbling 1.5 percent (1.329). BoC Governor Stephen Poloz expressed his unease, saying he expected Canada to take a “material” hit from a much more protectionist United States after Donald Trump becomes president. Poloz added that the bank was closely monitoring its southern neighbor and biggest economic partner, and that a rate cut was on the table. Poloz’s bearish remarks sent the Canadian dollar sharply lower, and the currency has dropped to 2-week lows against the greenback on Thursday.