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Market Extra: Bank of Canada drives up loonie, but oil can still knock it down

Bank of Canada will hold its policy meeting on Wednesday and is widely anticipated to raise interest rates for the first time in seven years, with the move expected to drive interest rates and the Canadian dollar higher.

If the central bank does lift benchmark interest rates, it will become only the second major central bank after the Federal Reserve to tighten the monetary policy.

Meanwhile the European Central Bank is still maintaining a dovish posture, though a recent account of discussions from its meeting policy meetings last month and comments from ECB President Mario Draghi have been read by market participants as hinting at policy makers considering the reduction of accommodative policies in the near term.

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