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BoC Interest Rate Decision (9:00) 2.75%
The BoC is expected to leave the overnight rate unchanged at 2.75% today, on the back of a series of ongoing gains in external demand and strength in the domestic economy. The key uncertainty remains the tug of war between strong external demand and the appreciating CAD over the outlook for export growth. That uncertainty will take a few more months to play out, suggesting that any rate cut would be more likely in Mar or Apr than today or Jan/20. However, the odds of a rate cut are likely in the 25% range, given the BoC's past sensitivities to CAD movements, the chorus of complaining from exporters, and the more prevalent role for exchange rate developments in the BoC's public statements. For a complete analysis of our thoughts on today's interest rate announcement, please see our report entitled "Bank of Canada to hold steady for now" (Dec/2, 2003).
BoC Interest Rate Decision (9:00) 2.75%
The BoC is expected to leave the overnight rate unchanged at 2.75% today, on the back of a series of ongoing gains in external demand and strength in the domestic economy. The key uncertainty remains the tug of war between strong external demand and the appreciating CAD over the outlook for export growth. That uncertainty will take a few more months to play out, suggesting that any rate cut would be more likely in Mar or Apr than today or Jan/20. However, the odds of a rate cut are likely in the 25% range, given the BoC's past sensitivities to CAD movements, the chorus of complaining from exporters, and the more prevalent role for exchange rate developments in the BoC's public statements. For a complete analysis of our thoughts on today's interest rate announcement, please see our report entitled "Bank of Canada to hold steady for now" (Dec/2, 2003).