On one hand, the higher currency could reduce demand for exports and dampen economic output. ![]() The potential risks – and benefits – of the higher dollar are greater now than two weeks ago when the central bank made its last report, Paul Jenkins, senior deputy governor of the Bank of Canada, said in a speech in New York yesterday. On a day when the Canadian dollar soared to a record, with oil and gold prices in tow, the Bank of Canada continued to pour cold water on hopes for a cut in interest rates.
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