What we're seeing in terms of currency movements - and it will probably continue at least over the near-term - is a shift in global monetary policy expectations. There's a gearing-down of expectations for Fed tightening, coupled with increased tightening expectations elsewhere.
More Quotes from Marc Levesque:
In our view, there is still is every reason for the Bank of Canada to continue to nudge its rate higher, and we are not changing our call for a four per cent (overnight) rate by April.Marc Levesque
The data aren't providing any reason for the Bank of Canada to pause. The risks are on the upside for rate increases. Investors are going to sell bonds.
Marc Levesque
You should see Canada's 10-year bonds rally in the second half of this year. I don't see a big appetite on the part of the Bank of Canada to hike interest rates as the economy slows. There is no compelling reason to go beyond 4 percent.
Marc Levesque
Aside from a few small snippets, Mr. Dodge could have transmitted exactly the same message by stating that 'nothing of substance has changed since the (Monetary Policy Report) Update', and leaving it at that.
Marc Levesque
If we end up with a majority government you could see a bit of a rally in the currency but it would be short-lived. Canada's economy is comfortably in surplus and that backdrop isn't going to change, no matter who wins.
Marc Levesque
This morning's merchandise trade report certainly came as a shocker, but this is one case where the headline looks much worse than the details of the data.
Marc Levesque
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