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BoC Expects Growth to Pick Up | Oil Rallies

Published May 17, 2019
  • Bank of Canada Governor Stephen Poloz said that global uncertainty is rising and risks to financial stability have edged up in the past year. However, Poloz added the latest numbers have been excellent and there is a real chance that growth might pick up later this year. The Canadian dollar gave up early gains after the announcement yesterday and this morning was trading at 1.3495, up 0.28 percent against greenback.
  • WTI oil continues its bullish momentum, making a high of $63.64 amid the US sanctions on Iran continue to curb the Iranian crude exports which have amounted to tighter global supplies and higher crude prices.
  • China is prepared to suspend trade talks with the United States if Washington continues its tough action against Beijing, according to Chinese state media. US equities fell on concern that talks between the world’s two largest economies have stalled. The Shanghai Composite Index also declined after the comments.
  • The United States terminated Turkey’s preferential trade treatment that allowed it to export some products free of duties. The Trump Administration trimmed special tariffs on steel imports from Turkey to 25 percent after having raised the duty to 50 percent last year.