Bank of Canada Cites Inflation Concerns In Decision To Hold Interest Rates Steady
Statistics Canada said on Friday the annual rate had edged up to 2.3 percent from 2.2 percent in February, the second straight month it exceeded the central bank's 2.0 percent target. The pair opened the week at the level of 1.7945 and advanced to a high of 1.8055 on Tuesday, before slipping back below the week's opening levels again on Wednesday. On Friday morning, GBP/CAD was trending near its lowest level in a month - 1.7787.
Overall, the Pound to Canadian Dollar (GBP/CAD) exchange rate is lower due to falling BoE interest rate hike bets, but strong United Kingdom data or BoE hawkishness could improve the exchange rate's forecast again. For retail sales, focus on ex-autos, which are forecast to rise 0.4%.
The Canadian dollar dipped to C$1.2712 to the US dollar, or 78.67 USA cents, from C$1.2666, or 78.95 USA cents.
Canadian government bond prices were mixed across a steeper yield curve, with the two-year up 3.4 cents to yield 1.921 per cent and the 10-year falling 5 cents to yield 2.327 per cent.
But the recent readings above two per cent are unlikely to have a major impact on upcoming interest-rate decisions - because the central bank is now expecting them. USA demands for higher North American auto content has been the most contentious NAFTA issue, and earlier progress was limited.
On top of this, investors are becoming increasingly hopeful that the North American Free Trade Agreement (NAFTA) renegotiations will end successfully.
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While this week's Bank of Canada (BoC) policy decision was seen as more dovish and cautious than expected, the Canadian Dollar has still climbed against a weakened Pound. Our short-term outlook on the Canadian dollar is bullish, while our medium-term outlook remains neutral. The pound is down slightly against the Canadian dollar, with GBP/CAD trading above 1.7810.
Bank of England officials will be holding speeches in the coming days.
Carney offered comments on his view of the United Kingdom monetary policy outlook on Thursday evening, in which his caution was perceived as dovishness. The euro is down slightly against the Canadian dollar, with EUR/CAD now above 1.560.
Canadian inflation is forecast to have improved year-on-year, but slowed month-on-month.
Turning to economic data, today is a significant day for the Canadian dollar as both inflation and retail sales figures will be released.
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