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Royal Bank of Canada
Symbol C : RY
Shares Issued 1,435,922,967
Close 2019-07-12 C$ 104.33
Recent Sedar Documents

Globe says CIBC, rivals hear stronger loonie expected

2019-07-12 06:49 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Globe and Mail reports in its Friday, July 12, edition that the Bank of Canada is on hold and the United States Federal Reserve is set to cut interest rates. The Globe's Scott Barlow writes that a stronger Canadian dollar is the inevitable result. He says central banks on both sides of the border provided monetary policy guidance Wednesday, with decidedly different perspectives. In the U.S., Fed chairman Jerome Powell "all but guaranteed that the Federal Open Market Committee will cut rates at its meeting in late July," according to TD economist James Marple. Domestically, Royal Bank of Canada's view was that "BOC Governor Stephen Poloz and Co. still don't appear to be in any rush to lower rates alongside the Fed." Shorter-term government bond yields take their cues from central banks and have also, in recent years, determined the value of the Canadian dollar. Mr. Poloz's signalling of no intention to cut rates and Mr. Powell's indication of an imminent rate reduction in their Wednesday remarks merely exacerbated current trends in bond yields. All signs now point to higher domestic bond yields relative to U.S. yields and a stronger loonie.

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