Bank of Canada: no intervention without strong policy
"Heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflationary pressure. The current strength in the dollar is expected, over time, to more than fully offset the favourable developments since July," he warned. He acknowledged the exchange rate reflects weakness in the US dollar rather than strength in its Canadian counterpart.
Carney argued that currency market intervention is largely ineffective if not backed by strong, corresponding
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