USA Factory Orders
|Latest Release:||05-12-2014 15:00:00|
|Next Release:||04-11-2013 15:00:00|
|Source:||US Census Bureau|
The Canadian dollar advanced against its US counterpart Wednesday, as the Bank of Canada acknowledged the economy was growing as expected amid renewed optimism that a recently brokered ceasefire between Ukraine and Russia would hold.
The loonie, as the Canadian currency is called, rose 0.4 percent to 0.9185 US, picking up where it left off before the Labour Day weekend. The loonie broke 92 US cents last week following a high profile corporate merger between Burger King and Tim Hortons and strong Canadian GDP data.
In policy news, the Bank of Canada maintained its data-dependent, neutral bias on Wednesday, opting to hold its key interest rate at 1 percent.
The BOC said âstronger growth in the second quarter has brought GDP to almost exactly the level the Bank had projected in Julyâs [Monetary Policy Report].â The July report said Canadian GDP is forecast to grow 2.25 percent during the 2014-16 period, which would bring the economy back to full capacity.
Canadaâs economy advanced 0.8 percent in the second quarter. Compared to year-ago levels, the economy accelerated 3.1 percent, official data revealed last week.
Todayâs rate statement reaffirmed the view the BOC is unlikely to lower interest rates. Although no change to the interest rate target is expected any time soon,...
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