Posted 2/13/2024, 8:10:37 PM
Canadian Dollar Slumps on Hot US Inflation Data, Casting Doubts on Rate Cut Hopes
- Canadian dollar falls 1% against US dollar, weakest level since December, due to hotter than expected US inflation data
- Data caused investors to push out expectations for first Fed rate cut, leading to broad market selloff
- Canadian economy could be hurt by slow move to rate cuts after heavy pandemic borrowing
- Canadian finance minister says new budget will prioritize conditions for lower interest rates
- Rise despite higher oil prices; Canadian bond yields also rose tracking US Treasuries
