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BOC Sinks Loonie | US Durable Goods Orders Surge

Published April 25, 2019

• The Bank of Canada left its key interest rate unchanged at 1.75 percent, further abandoned talk of hiking interest rates and said the economy will grow much more slowly than expected this year. The central bank also downgraded the growth in real gross domestic product from 1.7 percent to 1.2 percent for 2019. The Canadian dollar dropped sharply to 1.3521 against the greenback following the announcement yesterday.
• US durable goods orders expanded by 2.7 percent on a monthly basis, beating the market expectation for an increase of 0.7 percent with investment demand rising at fastest pace since July, while US initial weekly jobless claims jumped 37,000 to a seasonally adjusted 230,000 for the week ended April 20, the Labor Department said.
• WTI Oil prices fell after the Energy Information Administration reported a build in crude oil inventories dampened the impact on markets of tighter US sanctions on Iran and producer club OPEC’s continued curbs on supply. WTI crude prices have hit a low of $65.54.
• UK Prime Minister Theresa May is reportedly planning to hold a vote on key piece of Brexit legislation next week in a risky attempt to breathe new life into her plan for the UK’s exit from the European Union. May is planning to bring forward a law to enact her withdrawal agreement, which has been rejected by the MP’s earlier.