Mega Millions Promo Mega Millions Promo Mega Millions Promo
NewsOnline Nigeria
  • Home
  • News
  • Politics
  • Entertainment
  • Education
  • Jobs
  • Sports
  • Brands & Marketing
  • World
  • Crime Watch
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Education
  • Jobs
  • Sports
  • Brands & Marketing
  • World
  • Crime Watch
  • Opinion
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Education
  • Jobs
  • Sports
  • Brands & Marketing
  • World
  • Crime Watch
  • Opinion
Home Economy And Business

Canadian Dollar Surges Amid Hawkish Stance Of The Bank Of Canada

NewsOnlineng by NewsOnlineng
June 2, 2022
in Economy And Business, Headline
Canadian Dollar

Canadian dollar has surged amid the hawkish stance of the bank of Canada.

 

 

Newsonline reports that the Bank of Canada’s (BOC) interest rate hike has strengthened the Canadian dollar against the US greenback, making the loonie the only G10 currency to keep pace with the U.S. dollar.

 

This online newspaper understands that the Canadian dollar is expected to maintain this pace on the back of high commodity prices which bolster Canada’s economic outlook.

 

Canada’s currency has strengthened against the U.S. dollar to trade at 79.11 U.S. cents, indicative of 1.60% within a month. Canada’s currency has currently gained 0.11% within 24 hours against the dollar at the time of writing.

 

What you should know

  • The Bank of Canada hiked its benchmark interest rate to 1.5% on Wednesday, signalling that there will be more hikes in the future. As it attempts to forcefully rein in excessive inflation, the central bank’s decision to hike its rate by half a percentage point was generally expected.
  • The Bank stated that “The risk of elevated inflation becoming entrenched has risen. The Bank will use its monetary policy tools to return inflation to target and keep inflation expectations well anchored.”
  • In the early days of the COVID-19 pandemic, Canada, like many other countries, decreased lending rates. However, those historically low borrowing rates have led to rising inflation, pushing the central bank to reverse course.
  • Inflation continues to climb internationally and in Canada, owing mostly to higher energy and food prices. In April, CPI inflation in Canada hit 6.8%, significantly over the Bank’s prediction, and is expected to rise further in the near term before beginning to drop.
  • The hike brings the bank’s rate within a quarter of a point of the 1.75% level it was at before the pandemic, and the bank made it clear in its statement that several more rate increases are planned.
  • After borrowing significantly during the epidemic to participate in a hot property market, Canada’s economy could be particularly vulnerable to increasing interest rates.
  • Nonetheless, the price of oil, one of Canada’s main exports, has risen by more than 50% since the beginning of the year due to supply disruptions caused by Western sanctions against Russia.

Related

Previous Post

VISA GUIDE: Everything You Need To Know About US Business Tourist Visa

Next Post

Suspended Accountant General Of The Federation Released From EFCC Custody

NewsOnlineng

NewsOnlineng

Next Post
EFCC Custody

Suspended Accountant General Of The Federation Released From EFCC Custody

Trending Stories

naira

Black Market Dollar To Naira Exchange Rate Today 1 July 2022

FRSC Recruitment 2022

FRSC Recruitment 2022 Application Form Registration Portal | www.frsc.gov.ng

naira

Black Market Dollar To Naira Exchange Rate Today 30 June 2022

naira

Black Market Dollar To Naira Exchange Rate Today 2 July 2022

naira

BREAKING: Naira Falls Massively At Aboki Black Market, See New Exchange Rate

ASUU News On Resumption

Latest ASUU News On Resumption, ASUU Strike Update Today, 1 July 2022

NJFP Beneficiaries

NJFP Beneficiaries To Get 100k Monthly Stipend Payment

NNPC/NAOC/OANDO Joint Venture Tertiary Scholarship Scheme 2022

Apply For NNPC/NAOC/OANDO Joint Venture Tertiary Scholarship Scheme 2022

Chiwetel Ejiofor Biography

Chiwetel Ejiofor Biography, Education, Scar, Career, Relationship, Net Worth and Legacy

Defection: Wike Is Our Jagaban, The Totem Of PDP - Atiku

Defection: Wike Is Our Jagaban, The Totem Of PDP – Atiku

Latest Stories

Insecurity: Pressure Mounts On Buhari To Declare State of Emergency In Zamfara

Insecurity: Pressure Mounts On Buhari To Declare State of Emergency In Zamfara

President Buhari

BREAKING: President Buhari Sends Serious Warning To Nigerians

2023: Why Our Merger With Peter Obi Cannot Work- Kwankwaso

2023: Why Our Merger With Peter Obi Cannot Work- Kwankwaso

Pastor Adeboye

Pastor Adeboye Speaks On Asking Christians To Buy Guns

Russia War: Ukraine Finds Hard Drive Containing 100gb Russia Military's Data

Russia War: Ukraine Finds Hard Drive Containing 100gb Russia Military’s Data

naira

Black Market Dollar To Naira Exchange Rate Today 3 July 2022

Ifechukwude Ezinwa

AfDB Appoints Nigerian Ifechukwude Ezinwa As Acting HR Boss

Israel Adesanya

BREAKING: Israel Adesanya Defeats Cannonier To Retain UFC Middleweight Title

Rabiu Kwankwaso

Rabiu Kwankwaso Reveals Why He Can’t Be Peter Obi’s Running Mate

Adesanya

#UFC276: Adesanya Calls Out Pereira After Defending Middleweight Title

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright © 2022 Newsonline Nigeria

No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Education
  • Jobs
  • Sports
  • Brands & Marketing
  • World
  • Crime Watch
  • Opinion

Copyright © 2022 Newsonline Nigeria