May 29, 2013, 07.31 PM IST | Source: Investing.com

Bank of Canada leaves interest rate unchanged at 1%

Bank of Canada leaves interest rate unchanged at 1%

Investing.com - The Bank of Canada left its benchmark interest rate unchanged for the 21st consecutive month in May and dampened expectations for a rate hike in the coming months.

In a statement released earlier, the central bank said it was leaving its overnight cash rate unchanged at 1%, in line with expectations.

The central bank said in an accompanying rate statement that, 'The considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2% inflation target.'

Following the release of the data, the Canadian dollar was higher against its U.S. counterpart, with USD/CAD shedding 0.27% to trade at 1.0368.


Investing.com
Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Arvind Kejriwal

1695.71 -35.05 -2.03%

54071

Bought today

83300

Sold today

0.62%

User holding

video of the day

Add cyclicals, banks on positive poll outcome: UBS

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.