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Canadian Dollar Continues Struggling After GDP Data
Canada's Economy Flatlined in August, Supporting Expectations for Another 50bp Cut From the Bank of Canada
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Bank of Canada Governor mentioned that the weakening Canadian dollar would not affect interest rate decisions, and they will continue to lower interest rates.
Bank of Canada Governor Tiff Macklem stated on Wednesday that the weakness of the Canadian dollar is not a factor influencing interest rate decisions. He made this statement as the Canadian dollar is currently hovering near a 20-year low. Macklem said, "We have indicated that we are ready to cut interest rates by 50 basis points, and if we believe that further rate cuts are appropriate, we will do so again," referring to the decision last week to reduce the policy rate from 4.25% to 3.75%. Macklem testified before the Canadian Senate, stating that due to the Bank of Canada's four consecutive rate cuts totaling 125 basis points, the Canadian dollar has depreciated against the US dollar.
Bank of Canada Chief Says Currency Weakness Won't Affect Rate-Cutting Plans
BOC's Macklem Says Policy Rate Remains in Restrictive Territory -- Market Talk