{"id":46471,"date":"2023-06-07T17:22:00","date_gmt":"2023-06-07T16:22:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46471"},"modified":"2023-06-14T11:05:53","modified_gmt":"2023-06-14T10:05:53","slug":"market-wrap-bank-of-canada-hikes","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-bank-of-canada-hikes\/","title":{"rendered":"Market Wrap &#8211; Bank of Canada Hikes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46471\" class=\"elementor elementor-46471\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e99cda8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e99cda8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9bd9b2\" data-id=\"a9bd9b2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7178346 elementor-widget elementor-widget-text-editor\" data-id=\"7178346\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The Canadian rose against a basket of currencies after the Bank of Canada unexpectedly raised the target for its overnight rate by 25bps to 4.75% after pausing the hike cycle in the previous two meetings.<\/p><p>Most market analysts were anticipating interest rates would be left on hold. Borrowing costs are now at high levels not seen in 22 years, as policymakers consider monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.<\/p><p>Subsequently, the Canadian dollar rallied against the US dollar, with the <a href=\"https:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">USDCAD<\/a> pair falling towards the 1.3300 level, marking a second straight day of losses on the FX market.<\/p><p>The central banks concerns have increased that inflation could get stuck materially above the 2% target, as annual CPI rose to 4.4% in April, the first increase in 10 months, the three-month measures of core inflation have been running in the 3.5-4% range for several months and excess demand is persisting.<\/p><p>Also, the central bank will continue to assess the dynamics of core inflation and the outlook for CPI inflation and remains resolute in its commitment to restoring price stability for Canadians.<\/p><p>The policy statement noted that \u201c<em>Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high.<\/em>\u201d<\/p><p>Furthermore, the Bank of Canada added that \u201c<em>While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability<\/em>\u201d.<\/p><p>The final part of the statement from the central bank noted that \u201c<em>Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation.<\/em>\u201d<\/p><p>And they added that \u201c<em>we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.<\/em>\u201d<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Canadian rose against a basket of currencies after the Bank of Canada unexpectedly raised the target for its overnight rate by 25bps to 4.75% after pausing the hike cycle in the previous two meetings. Most market analysts were anticipating interest rates would be left on hold. Borrowing costs are now at high levels not [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":46473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[206,101,31],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Wrap - Bank of Canada Hikes - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-bank-of-canada-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Bank of Canada Hikes Market Wrap - Bank of Canada Hikes\" \/>\n<meta property=\"og:description\" content=\"The Canadian rose against a basket of currencies after the Bank of Canada unexpectedly raised the target for its overnight rate by 25bps to 4.75% after pausing the hike cycle in the previous two meetings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-bank-of-canada-hikes\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-07T16:22:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-14T10:05:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/06\/GettyImages-683856100.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"759\" \/>\n\t<meta property=\"og:image:height\" content=\"429\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - Bank of Canada Hikes Market Wrap - Bank of Canada Hikes\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian rose against a basket of currencies after the Bank of Canada unexpectedly raised the target for its overnight rate by 25bps to 4.75% after pausing the hike cycle in the previous two meetings.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-bank-of-canada-hikes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-bank-of-canada-hikes\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Market Wrap &#8211; 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