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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-08 C$ 62.91
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Post says CIBC's Shenfeld sees greenback staying on top

2022-09-08 07:41 ET - In the News

The Financial Post reports in its Thursday edition that the lagging loonie is not likely to get a boost from the 75-basis-point interest rate hike announced Wednesday by the Bank of Canada -- at least not relative to the runaway greenback. The Post's Denise Paglinawan writes that while analysts say the Canadian dollar has been one of the strongest performing major currencies in the world this year, it has been no match for the resilient U.S dollar. Even the uptick the loonie enjoyed Wednesday was more reflective of a broader softening in the U.S. dollar. It seems traders are more fixated on the U.S. interest-rate outlook instead. The potential for the U.S. Federal Reserve to hike more than projected is also dulling the benefits to the loonie of a more hawkish Bank of Canada, CIBC World Markets chief economist Avery Shenfeld said in a note. "We still judge it as unlikely that the peak overnight rate in Canada will end up exceeding that of the U.S.," he said. The loonie was trading at just over 76 U.S. cents in Wednesday afternoon trading, down about 3.75 per cent from January. The loonie has not kept pace with the U.S. dollar's mighty run this year, but the Canadian dollar has gained 14.55 per cent against the euro.

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