Excerpt from: GFT Analysts in the News
|
 |
| March 03, 2009 | | Bank of Canada drops interest rate | With the Canadian economy slowing along with the rest of the world in recession, the Bank of Canada is trying to get things moving again. Therefore, Canada has lowered its interest rate.
Canada is another in a string of countries dropping interest rates to something that approaches 0%. With the rate cut, Canada's rate will be 0.5%. As a result, the loonie is heading a bit lower in currency trading on the FX market.
Indeed, few currencies are in the position of the Aussie today, which is seeing a bounce from the fact that it has kept its rate the same, refusing to join the race to 0%.
| Topic Tags: Aussie, currencies, currency trading, economy, forex trading, FX market, interest rates, recession | |
|
|
