CANADIAN DOLLAR SLIPS BACK ON WEDNESDAY AS MARKETS REASSESS BOC RATE DECISION
- The Canadian Dollar backslid as investors take a closer look at inflation data.
- Canada gets a fresh rate call from the BoC next week.
- After a brief soft patch in Canadian inflation, BoC may have cut rates prematurely.
The Canadian Dollar (CAD) shed weight on Wednesday as investors take a second look at Canadian Consumer Price Index (CPI) inflation figures released earlier in the week. Despite an overall downtick in headline inflation figures thanks to easing pressures in overweighted inflation measures, core inflation gauges remained hotter. The Bank of Canada (BoC) will deliver its latest rate call next week.
Canada’s central bank is likely to cut interest rates next Wednesday as the BoC scrambles to alleviate price pressures on the Canadian housing investment market. Canada’s real estate sector accounts for roughly 9% of the country’s total economic output, nearly double the OECD average of 4.8%.
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