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Canada's annual inflation rate unexpectedly eased by a tick to 1.9% in November, while the consumer price index was flat month over month. Analysts had expected 2% inflation and a 0.1% monthly rise.
The Canadian dollar was trading down 0.27% at 1.4280 per US dollar after the release.
Softer Canadian inflation supports further Bank of Canada rate cuts, widening the rate gap with the US and weighing on the loonie. A weaker loonie makes Canadian exports cheaper in US dollar terms.
reuters.comPromit MukherjeeDec 17, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
