Bank of Canada Deputy Governor Paul Beaudry speaking to university students in Waterloo, Ontario, He said “we will continue to take whatever steps are necessary to restore price stability for households and businesses and to maintain Canadians’ confidence that we can deliver on our mandate to bring inflation back to 2%.”
Even after inflation slowed again in August, the Bank of Canada said on Tuesday it was still “too high.” This statement comes after data showed that price pressures are easing from peak levels.
“In August, inflation was 7%. Although we are moving in the right direction, it is still too high,” Beaudry said in remarks prepared before the speech.
Meanwhile, the Canadian dollar hit its lowest level in two years against the USD on Tuesday, after Canada’s annual inflation rate slowed to 7.0% in August, below analysts’ forecasts of 7.3%. and down from 7.6% in July.
USD/CAD hit its highest since October 2020 at 1.3375 and was up 0.8% on the day. Since the start of 2022, the CAD has lost 5.5%.
Source: Fx Street
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