Loonie pauses after BoC rate cut decision

Economies.com
2020-03-04 16:02PM UTC

The Canadian dollar held against most major currencies on Wednesday, Following the Bank of Canada's widely expected decision to cut interest rates.

 

The Bank of Canada decided today to cut interest by 50 basis points to 1.25% from 1.75%, following the US Federal Reserve's similar decision.

 

The BoC stated that although the economy is close to the inflation target, the coronavirus outbreak still poses risks to the global economy.

 

Yesterday, the US Federal Reserve cut the interest rates by 50 basis points to between 1.25% and 1.00%, and stated that the decision was to counter the economic impact of the coronavirus outbreak.

 

As of 16:01 GMT, CAD/USD held at 0.7467, after hitting earlier an intraday high of 0.7506 and a low of 0.7448.

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