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Loonie Slides Further | China Cuts Growth Targets

Published March 5, 2019
  • USDCAD pair extended its rally to its highest level since the last week of January at 1.3353. Dismal GDP report from Canada last Friday coupled with lower crude oil prices still weighing the domestic pair. Markets will be closely watching the Bank of Canada rate decision tomorrow to determine the pair’s next leg of a directional move.
  • China cut its growth targets to a 30-year low between 6.0 percent to 6.5 percent for 2019 and announced a major tax cut, as the country faces pressure from a persistent slowdown, as well as a worsening external environment marked by rising trade tensions and a slowing global economy.
  • Federal Reserve Bank of Boston President Eric Rosengren said he supports a patient policy approach that could last for several meetings of the Fed’s interest-rate setting committee. Rosengren further stated that he is not expecting a recession any time soon and outlook on need for another rate hike depends on economy development.
  • US Secretary of State Mike Pompeo said that the United States and China are on the cusp of a deal to end their trade war, adding to positive signs about negotiations from both sides of the Pacific.