Investing.com – The Bank of Canada raised its benchmark interest rate on Tuesday, in line with expectations.
In a press release, Canada's central bank announced that it was increasing its benchmark interest rate to 0.75, up from 0.5%.
The increase was in line with economists expectations.
In its report, the bank said the global economic recovery is proceeding but is not yet self-sustaining and it expects the euro zone sovereign debt crisis to create a drag on global economic growth.
The Bank also said it expects the economic recovery in Canada to be more gradual than it had projected in its April monetary policy report, with growth of 3.5% in 2010.
Following the release of the data the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.10% to hit 1.0562.
In a press release, Canada's central bank announced that it was increasing its benchmark interest rate to 0.75, up from 0.5%.
The increase was in line with economists expectations.
In its report, the bank said the global economic recovery is proceeding but is not yet self-sustaining and it expects the euro zone sovereign debt crisis to create a drag on global economic growth.
The Bank also said it expects the economic recovery in Canada to be more gradual than it had projected in its April monetary policy report, with growth of 3.5% in 2010.
Following the release of the data the Canadian dollar was down against its U.S. counterpart, with USD/CAD gaining 0.10% to hit 1.0562.