19:08:08 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,205,377,799
Close 2016-10-21 C$ 71.25
Market Cap C$ 85,883,168,179
Recent Sedar Documents

Globe says TD, rivals hear loonie may test January low

2016-10-24 09:44 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Monday edition that the loonie has been resilient in recent weeks. The Globe's Scott Barlow writes that there is a plausible scenario, however, where the domestic currency might retest the January lows below 70 cents (all figures U.S.). The dollar swung wildly Wednesday during Bank of Canada's announcement on monetary policy. The currency jumped half a cent when no cut in rates was reported, but then slid all the way back as economic growth forecasts were reduced. Governor Stephen Poloz also noted the bank had considered further measures to spur economic growth, a comment many interpreted as a signal that another cut in interest rates is ahead. Central bank policy, as reflected in bond yields, has been the most powerful driver of the Canadian dollar's value in recent years. The loonie has been tracking the yield spread between Canadian and U.S. two-year government bonds almost exactly. Mr. Barlow notes monetary policy at the Federal Reserve and the BOC are moving in different directions, and the two-year spread is likely to fall further. Friday's action in currency markets, which saw the loonie fall more than half a cent to 75.04 cents, could be a sign of things to come.

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