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Financial markets raised bets on a June 5 Bank of Canada rate cut to about 83% from 66% after Canada's first-quarter GDP missed expectations. The loonie rose 0.31% to 1.3635 per U.S. dollar, and two-year Canadian yields fell 7.5 basis points.
A likelier BoC rate cut narrows the rate gap with the Fed and tends to weigh on the Canadian dollar over time. A weaker loonie makes Canadian canola and other exports cheaper for overseas buyers.
reuters.comPromit MukherjeeMay 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.
