WINNIPEG, April 25 (MarketsFarm) The Canadian dollar was slightly weaker Thursday morning, following the announcement that the Bank of Canada will not be raising interest rates for the foreseeable future.
At 8:45 CDT Thursday morning, the Canadian dollar was at US$0.7409 or C$1.3497, which compares with Wednesday’s North American close of US$0.7421 or C$1.3475.
The Bank of Canada’s decision not to raise interest rates was influenced by “a persistently sluggish global economy and a bleak outlook for the energy sector,” according to Bloomberg. In the announcement on Wednesday, the bank acknowledged that Canada’s economy is not sustainably growing as quickly as experts once predicted.
The U.S. Department of Labor reported that filings for unemployment benefits rose in April, though the labour market remains tight. Filings rose the most since late 2017, despite declining steadily for the past five weeks.
The TSX lost at 8:45 CDT, down 25.16 points at 16,561.36.
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