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Bank of Canada expected to keep rates steady

Bank of Canada expected to keep rates steady

OTTAWA: The US dollar continued to suffer as latest threats from North Korea sparked heightened tensions in the region. Investors continued to shun the risk assets bidding up the safe haven assets.

On the economic front, the RBA held interest rates steady as expected in yesterday’s meeting. Data from the US showed that factory orders fell 3.3% as forecast by economists. In the UK, the services PMI weakened to 53.2, missing forecasts but the British pound managed to post gains on the day. Looking ahead, the Bank of Canada’s interest rate decision is due later today. No changes are expected from the BoC, but the central bank could potentially signal another rate hike at the October meeting. Therefore, the comments from Governor Poloz will be important. In the US, the ISM’s non-manufacturing PMI will also be coming out today. Forecasts expect a pick in the non-manufacturing activity in August.