BoC’s Macklem: Inflation is clearly above target

Agustin Wazne FXStreet

Speaking at a policy panel at the European Central Bank’s (ECB) Forum on Central Banking on Wednesday, Bank of Canada (BoC) Governor Tiff Macklem said that Canada’s economy remains soft, while inflation is still running clearly above target.

Key takeaways:

In Canada, the economy is soft.

Inflation clearly above target.

We are at the bottom end of neutral range, about the right level to keep inflation contained.

We’ve got to be humble amid uncertainty.

If situation changes, we are prepared to take action.”

AI investment in the US leads to headwinds and competitive pressure.

Open question when AI-driven disinflation kicks in.

In the short term, we saw an increase in computer prices.

Canadian Dollar Price Today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Euro.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.40%	0.14%	0.00%	0.19%	0.31%	0.14%	0.30%
EUR	-0.40%		-0.26%	-0.39%	-0.19%	-0.06%	-0.27%	-0.09%
GBP	-0.14%	0.26%		-0.15%	0.06%	0.17%	-0.02%	0.18%
JPY	0.00%	0.39%	0.15%		0.16%	0.30%	0.09%	0.28%
CAD	-0.19%	0.19%	-0.06%	-0.16%		0.13%	-0.09%	0.12%
AUD	-0.31%	0.06%	-0.17%	-0.30%	-0.13%		-0.22%	-0.01%
NZD	-0.14%	0.27%	0.02%	-0.09%	0.09%	0.22%		0.20%
CHF	-0.30%	0.09%	-0.18%	-0.28%	-0.12%	0.00%	-0.20%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

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