BoC's Poloz: Decision to keep rates on hold shows Bank is decidedly data dependent
Following the Bank of Canada's decision to keep the overnight rate target unchanged at 1.75%, Governor Stephen S. Poloz, and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy outlook with key quotes, via Reuters, found below.
- Housing market taking a lot longer to stabilize than expected.
- Trade war is having negative consequences.
- Decision to keep rates on hold shows Bank is decidedly data dependent.
- Will adapt inflation outlook, rate profile to developments as they unfold.
USD/CAD slumps to 1.32 area despite BoC's cautious tone.
The USD/CAD pair fell to its lowest level since early December at 1.3178 in the early NA session and rebounded modestly. As of writing, the pair was down 0.42% on the day at 1.3220.
USD/CAD Technical Analysis: Greenback is getting smashed ahead of the FOMC minutes.
USD/CAD is trading in a bull trend above the 200 SMA.
About Stephen Poloz (via bankofcanada.ca)
"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas."