The Canadian dollar approached the lowest level in more than a month
as a first-quarter economic contraction keeps alive speculation the Bank
of Canada will cut interest rates again this year.
The currency fell against all but one of its major peers after
Statistics Canada said gross domestic product fell at a 0.6 percent
annualized pace, the most since the 2009 recession. The Bank of Canada
forecast for flat growth in the quarter. The central bank cut rates in
January as “insurance” against collapsing prices of crude oil, Canada’s
largest export, while forecasting faster growth in the latter part of
the year. (more)
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