Marc Levesque
Marc Levesque
continue currency fed global increased monetary movements policy seeing shift terms
What we're seeing in terms of currency movements - and it will probably continue at least over the near-term - is a shift in global monetary policy expectations. There's a gearing-down of expectations for Fed tightening, coupled with increased tightening expectations elsewhere.
backdrop bit currency economy government majority matter rally surplus
If we end up with a majority government you could see a bit of a rally in the currency but it would be short-lived. Canada's economy is comfortably in surplus and that backdrop isn't going to change, no matter who wins.
appetite bank beyond canada further giving hikes impression percent rate
Most importantly, the Bank of Canada is not giving the impression that it has much of an appetite for further rate hikes beyond the 4 percent level.
afford bank canada cannot check complacent horizon inflation month overnight peak rate time wants
The Bank of Canada cannot afford to be complacent if it wants to keep inflation in check over its 18-24 month time horizon ... Look for the overnight rate to peak at 4 percent.
exports growth net
So exports actually contributed to net GDP growth in November.
consumers means obviously spending squeeze
It'll be a pretty big increase. It means a lot for consumers and their pocketbooks, obviously - it's going to squeeze their spending power.
aside changed dodge exactly few leaving message policy since small substance
Aside from a few small snippets, Mr. Dodge could have transmitted exactly the same message by stating that 'nothing of substance has changed since the (Monetary Policy Report) Update', and leaving it at that.
dodge last surprise
Dodge said nothing new that he had not already said last week, no surprise there.
absolute canadian dollar massively
Currently, the Canadian dollar has been on a tear, an absolute tear. It's been massively outperforming other currencies.
came case certainly details headline looks report trade worse
This morning's merchandise trade report certainly came as a shocker, but this is one case where the headline looks much worse than the details of the data.
job tale
This is really a tale of two job markets.
canadian decision dollar fed market rate weakness
The weakness in the Canadian dollar is essentially a follow-through from yesterday's Fed rate decision that has the market anticipating at least one more hike.
commodity partly price
This may be partly a commodity price story.
basically goes steady
This basically confirms their story, so steady as she goes on that front.