For immediate release 29 May 2013 Contact: Jeremy Harrison 613 782-8782
Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
Global economic growth has evolved largely as anticipated in the Bank’s April Monetary Policy Report (MPR). In the United States, the economic expansion is progressing at a modest pace, with continued strengthening in private demand partly offset by fiscal consolidation. Japan’s economy is beginning to respond to significant policy stimulus. Europe, in contrast, remains in recession. Growth in China has continued to ease from very strong rates, weighing somewhat on global commodity prices. The Bank continues to expect global economic activity to grow modestly in 2013 before strengthening over the following two years.
In Canada, recent economic indicators suggest that growth in the first quarter was stronger than the Bank projected in April. For the year as a whole, growth is expected to remain broadly in line with the Bank's MPR forecast. Over the projection horizon, consumer spending is expected to grow at a moderate pace, business investment to grow solidly, and residential investment to decline further from historically high levels. Growth in total household credit is slowing and the Bank continues to expect that the household debt-to-income ratio will stabilize near current levels. Exports are projected to continue to recover, but to be restrained by subdued foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.
Core inflation is in line with the April MPR projection, while total CPI inflation has been slightly weaker. Both total and core inflation are expected to remain subdued in coming quarters before gradually rising to 2 per cent by mid-2015 as the economy returns to full capacity and inflation expectations remain well-anchored.
Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. With continued slack in the Canadian economy, the muted outlook for inflation, and the constructive evolution of imbalances in the household sector, 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 per cent inflation target.
якщо розібратися, то не-подія з засідання та не-зміна ставки/заяви Банку Канади дає змогу спокійно відкорегуватися - докупити USD/CAD - та піти вище на штурм дворічних максимумів на 1,0655
важливо й те, що Карні переходить до Банку Англії не курликаючим голубком, піддаючись впливу новій моді на помякшення, а поміркованим та незалежним (а ще успішним) керівником (привіт фунтєгу ?)
ну а новий голова Банку Канади Полоз може з чистого аркуша наздоганяти інших, порізавши ставки на уповільненні інфляції та гальмуванні ринку нерухомості та ексопрта
ось так, доляр продовжить своє укріплення у якісно новій ризиковій фазі, бо його сила має якусь дивну структурну особливість :
Nomura strategists Jens Nordvig and Ankit Sahni have taken a look at how to participate in structural USD strength.
They add that during the course of the past few months, the dollar has entered a new regime. They feel that we are observing a ‘bull dollar rally’: a dollar-strengthening trend which is happening in tandem with strong performance of risky assets and increasing optimism about US growth. Further, they note that the recent break-out in US yields cements this trend, (although it could test the resilience of risk assets if it continues apace). They write, “The main question is now how to best express the view. At this relatively early phase in the cycle, we think the most potent expression is long dollar positions versus low-yielding ( ) G10 currencies, such as CHF, JPY, GBP, EUR and CAD.”
раллі тому що бики ))
* - місце вставки підтасовки - невже доляр до когось з перераховних (окрім єни) є високодоходною валютою ?
Italy sells a total Eur 5.75 bln of 5 and 10 yr BTPS at auction.
Eur 2.75 bln of 3.5% June 2018 BTP, yield 3.01%, cover 1.4 Eur 3 bln of 4.5% May 2023 BTP, yield 4.14 % , cover 1.38 Full take up of a targeted Eur 5.75 bln, with small increases in yields
під час авкціону ціна виросла вище номіналу, тому реальна % доходність виявилася нижче первинної фіксованої купоної
Євро має бути стабільним. помірна висхідна тенденція як бонус ))
Italy sells a total Eur 5.75 bln of 5 and 10 yr BTPS at auction.
Eur 2.75 bln of 3.5% June 2018 BTP, yield 3.01%, cover 1.4 Eur 3 bln of 4.5% May 2023 BTP, yield 4.14 % , cover 1.38 Full take up of a targeted Eur 5.75 bln, with small increases in yields
під час авкціону ціна виросла вище номіналу, тому реальна % доходність виявилася нижче первинної фіксованої купоної
Євро має бути стабільним. помірна висхідна тенденція як бонус ))
Додано: Сер 29 тра, 2013 17:13
- місце вставки підтасовки - невже доляр до когось з перераховних (окрім єни) є високодоходною валютою ?
