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December 4, 2007 - Forex Economic News
Bank of Canada lowers interest rate to 4.25.
The Bank of Canada lowered its interest rate today by a quarter point to 4.25%. The rate cut was unexpected and the first rate cut by Canada since 2004. Lower than expected inflation results, continuing losses in the sub-prime mortgage markets and worsening global credit conditions were cited as spurring the rate cut. The bank stated that despite Canada's "robust" economy, "global financial market difficulties" and "anticipated losses on U.S. sub-prime mortgages" were a cause for concern as well as "an increased risk to the prospects for demand for Canadian exports" as the U.S. economy slows. Read the full report here. As of noon EST. USD/CAD was trading at 1.0110.
More mid-day Forex trading rates.
EUR/USD 1.4760
USD/JPY 109.68
USD/CHF 1.1175
GBP/USD 2.0572
EUR/JPY 161.89
AUD/USD 0.8723
AUD/JPY 95.6782
EUR/GBP 0.7175
EUR/CHF 1.6494
CHF/JPY 98.1521
Tags: Bank of Canada, Canadian Economy, Interest Rates-------------- Blog index
