The Canadian dollar is holding fairly steady. Looking ahead, we're not getting too much economic news until next week.
More Quotes from Paul Ferley:
Despite solid growth, inflation is quiet which is reflected in low bond yields.Paul Ferley
The currency is pretty steady, with markets remaining fairly thin with little economic data. We're awaiting deeper markets, plus the release of employment reports for both Canada and the U.S. next week.
Paul Ferley
Markets are probably waiting for the announcement by the Bank of Canada tomorrow to get a sense of the characterization of the near-term outlook for policy whether they'll flag they're poised to move to the sidelines or whether they're still contemplating further rate hikes.
Paul Ferley
The day saw some offsetting developments with strength evident in U.S. housing starts and the Philadelphia Fed index and in Canada, a stronger than expected manufacturing shipments report.
Paul Ferley
Bottom line is it's not flagging any inflation pressures, at least on a core basis.
Paul Ferley
The labor market is getting too tight, so the Bank of Canada may have to raise the rate more aggressively to keep inflation from taking hold. Higher interest rates get investors to buy the Canadian dollar.
Paul Ferley
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