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Canada's annual inflation rate rose to 2.0% in October from 1.6% in September, slightly above the 1.9% economists had expected. The Canadian dollar traded 0.3% higher at 1.3970 per US dollar, extending its rebound from a 4-1/2-year low.
The stronger inflation print reduced bets on a large Bank of Canada rate cut.
Firmer inflation data reduces the chance of aggressive Bank of Canada easing, which supports the loonie and makes Canadian-dollar-priced exports relatively more expensive. This has only a modest direct effect on feed commodity prices.
reuters.comFergal SmithNov 19, 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.
