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The Bank of Canada held its overnight rate target at 1.75 percent on July 10, 2019. It cut its 2019 global growth forecast to 3 percent, citing trade conflicts between the US and China that are weighing on manufacturing, investment and commodity prices.
It said escalating trade conflict is the biggest downside risk to the outlook.
Weaker global growth and lower commodity prices from trade tensions reduce demand expectations for feed grains and oilseeds. Holding rates steady keeps Canadian monetary policy tighter than the Fed's, which supports the loonie and can make Canadian exports less competitive.
bankofcanada.caMedia RelationsJul 10, 2019Not 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.
