The Bank of Australia announced its key interest rate decision and, as expected, was maintained at 2.75%. However, the statement that accompanied this decision revealed that Australia’s officials still considered the AUD as overvalued, despite its 5.6% drop last month. The currency war is in full swing.
The ISM Manufacturing Index was released yesterday at 49, its lowest level in 4 years, just when it seemed the U.S. economy was emerging from a recession. Though this figure alone does not alter discussions to change the U.S. quantitative easing program, it will nonetheless weigh in the balance. U.S. employment data expected Friday should give us a clearer view of the country’s economic situation, and consequently, the quantitative easing program as well.
In economic news, U.S. Balance of Trade data is expected today. Economists believe that the spread between imports and exports grew in April and are forecasting this figure to be -41 billion.
No news is expected in Canada today, although main focus this week will be on Stephen Poloz, the new Bank of Canada governor. He is making an official appearance in the House of Commons on Thursday, the day before the country’s employment data is released. Wishing you a great day. Gardy Pharel.
Range of the day: 1.0260 - 1.0360
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New BoC Governor Poloz To Appear In House of Commons Thursday
Published 06/04/2013, 05:14 AM
Updated 05/14/2017, 06:45 AM
New BoC Governor Poloz To Appear In House of Commons Thursday
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