BoC's Poloz speech: Asked if rates could be raised again later this year, says will not make forecasts

Eren Sengezer FXStreet

Bank of Canada (BOC) Governor Stephen Poloz is responding to questions from the press with the key quotes, via Reuters, found below:

Asked if rates could be raised again later this year, says will not make forecasts
This is good news for Canada, it's a symptom of an improving economy
Federal govt infrastructure program is important part of closing of output gap
Still some adjustment happening since oil price shock
Oil impact is enough in the rear view mirror now, contraction in sector appears to be complete

Key notes:

BoC: Recent softness in inflation is temporary

In its statement, the Bank acknowledged recent softness in inflation but judged this to be temporary. Read more

USD/CAD in fresh 2017 lows post-BoC, near 1.2850

The Canadian Dollar is gathering further steam today, now dragging USD/CAD to fresh lows in the 1.2860/50 region. Read more

About Stephen Poloz

Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.