BoC to stand pat this year, rate cuts unlikely - Reuters poll

Dhwani Mehta FXStreet

The latest poll of economists surveyed by Reuters unveiled that the Bank of Canada (BoC) is likely to maintain its key interest rate at 4.50% through the balance of this year.

Key takeaways

“All 33 economists polled March 31-April 6 said it will hold its overnight rate at 4.50% on April 12.”

“A majority of forecasters, 23 of 31, said the rate would remain unchanged for the rest of 2023. Only seven expected at least one 25-basis-point rate cut by end-year, down from 13 in a survey taken about a month ago.”

“The economy was predicted to grow 0.7% and 1.4% this year and next, compared with 0.5% and 1.5%, respectively.”

“The Canadian dollar is forecast to rise over the coming year.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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