Canadian dollar hits two-month low ahead of Bank of Canada speech GlobeInvestor
This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar weakened to a two-month low against the greenback on Wednesday ahead of a speech by a Bank of Canada official that could address the economic threat of China’s coronavirus outbreak, while domestic data showed higher exports.
The rise in exports, which follows data on Friday showing surprise growth in Canada’s economy in November, could temper concern at the Bank of Canada about a recent slowdown in the domestic economy. Last month, Bank of Canada Governor Stephen Poloz said the door was open to an interest rate cut should the slowdown persist.“The economy may have been on a slightly better footing around the turn of the year than had been feared,” said Ryan Brecht, a senior economist at Action Economics.
At 9:56 a.m., the Canadian dollar was trading 0.1 per cent lower at 1.3294 to the greenback, or 75.22 U.S. cents. The currency, which has fallen 2.3 per cent since the start of the year, touched its weakest intraday level since Dec. 3 at 1.3304. The Canadian dollar will climb over the coming year, recouping much of its recent decline, as the economic threat from the virus outbreak in China likely fades, and some analysts do not expect the Bank of Canada to cut interest rates in 2020, a Reuters poll of analysts showed.
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