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26 Oct 2022

Market Wire: Bank of Canada Delivers Smaller-Than-Expected 50 Basis Point Hike, Loonie Tumbles

The Bank of Canada lifted its benchmark overnight rate to 3.75 percent this morning, disappointing Canadian dollar bulls who had expected a 75-basis point move. In the statement accompanying the decision, the central bank said “the economy continues to operate in excess demand and labour markets remain tight” but warned, “The effects of recent policy rate increases by the Bank are becoming evident in interest-sensitive areas of the economy: housing activity has retreated sharply, and spending by households and businesses is softening. Also, the slowdown in international demand is beginning to weigh on exports.” As expected, the Bank lowered growth...

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Market Briefing: Dollar Falls on Broad-Based Currency Market Reversal

The dollar is selling off and most major currency pairs are experiencing sharp trend reversals as investors bet on a less aggressive rate posture from the Federal Reserve. In a week defined by evidence of a slowing economy – consumer confidence, home prices, and manufacturing gauges all came in below expectations – many are reappraising Friday’s “stepping down” comments from the San Francisco Fed’s Mary Daly, and traders are now positioning for a slightly more cautious message from central bankers at next week’s meeting. We’re not confident such a dramatic shift in tone is coming before year end, but stretched...

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