Last week, following ten consecutive increases, the Federal Reserve decided to pause its campaign of interest rate hikes. The Fed also went to great lengths to reaffirm their commitment to bringing inflation below the 2 percent target. The problem was that the markets didn’t buy it.
The Canadian dollar is currently trading at 1.3365 (USD/CAD) or 0.74824 (CAD/USD) after reaching its strongest intraday level since May 8 at 1.3322 against the US Dollar. The Canadian dollar benefitted from a trifecta of positive news on multiple fronts today.
Wednesday’s release of Canadian GDP data surpassed expectations, with the annualized growth rate registering at 3.1%, exceeding the projected range of 2.3% to 2.5%. Will GDP growth, along with strong…
Heading into the Memorial Day long weekend down south, there is tempered optimism that a potential debt ceiling deal is starting to take shape, most likely because politicians prefer not to work on long weekends.
