Loonie drops over 1% after Poloz remarks

Economies.com
2020-05-01 16:27PM UTC

The Canadian dollar fell on Friday, after the Governor of the Bank of Canada Stephen Poloz comments.

 

Poloz dismissed the possibility to inject additional stimulus to push inflation above the current levels.

 

The governor pointed out that bank's possession of securities and bonds will be lowered when there are signs that the economy is picking up and inflation is rising.

 

Poloz also stressed the commitment to take the necessary measures to to avoid a credit crunch and counter a deflationary shock in the economy due to the coronavirus pandemic.

 

Bearing in mind that the Canadian economy is suffering its sharpest contraction since the Great Depression, which forced the BoC to cut interest rates near zero in March.

 

As of 16:26 GMT, CAD/USD fell by 1.2% to 0.7094, after the pair hit a high of 0.7183 and a low of 0.7083.

Forex and Currency News

GBP/JPY news

Forex

Sterling surges to 16-year peak against yen
2024-04-26 08:11AM UTC
Sterling rose in European trade on Friday against a basket of major rivals, extending gains for the ...
Forex News

Forex

Dollar tumbles to two-week lows ahead of US growth data
2024-04-25 11:18AM UTC
Dollar fell in European trade on Thursday against a basket of major rivals, resuming losses and ...
EUR/JPY news

Forex

Euro scales 16-year peak against yen
2024-04-25 07:51AM UTC
Euro rallied in Asian trade on Thursday against the yen, extending gains for the fifth straight ...

Forex Technical Analysis

GBP USD Analysis

Forex

The GBPUSD forecast update 26-04-2024
2024-04-26 10:59AM UTC
GBPUSD Price Analysis Expected Scenario The GBPUSD price shows some slight bearish bias ...
Technical Analysis

Forex

The EURCAD under the negative pressure – Forecast today – 26-4-2024
2024-04-26 06:52AM UTC
EURCAD Price Analysis Expected Scenario The EURCAD price repeated the negative closings ...
EUR JPY Analysis

Forex

The EURJPY achieves the second target – Forecast today – 26-4-2024
2024-04-26 06:47AM UTC
EURJPY Price Analysis Expected Scenario The EURJPY pair formed new bullish rally ...