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The Canadian dollar extended its losses after flat August GDP and a larger-than-expected 50 basis point Bank of Canada cut to 3.75%. U.S. PCE inflation for October was 2.1% year over year, with core at 2.7%, and jobless claims fell to 216K, both sides of the rate outlook.
Expectations for further Bank of Canada easing and a firm U.S. labor market widen the rate gap that pressures the loonie. This raises the Canadian-dollar cost of U.S. feed imports at the margin.
mitrade.comFxstreetOct 31, 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.
