Investing.com - The Bank of Canada left its benchmark interest rate unchanged for the 22nd consecutive month in July and dampened expectations for a rate hike in the coming months.
In its first meeting under the helm of new Governor Stephen Poloz, the BoC said it was leaving its overnight cash rate unchanged at 1%, in line with expectations.
The central bank said in an accompanying rate statement that, “The considerable monetary policy stimulus currently in place will remain appropriate.”
The statement added that, “Over time, as the normalization of these conditions unfolds, a gradual normalization of policy interest rates can also be expected, consistent with achieving the 2% inflation target.”
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD adding 0.3% to trade at 1.0398.
In its first meeting under the helm of new Governor Stephen Poloz, the BoC said it was leaving its overnight cash rate unchanged at 1%, in line with expectations.
The central bank said in an accompanying rate statement that, “The considerable monetary policy stimulus currently in place will remain appropriate.”
The statement added that, “Over time, as the normalization of these conditions unfolds, a gradual normalization of policy interest rates can also be expected, consistent with achieving the 2% inflation target.”
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD adding 0.3% to trade at 1.0398.