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US focus: Loonie at 3-year pick
On Wednesday Canada’s dollar advanced to the highest since May 2 against the greenback as optimism that policy makers in Europe and the U.S. will address debt conflicts drove demand for higher-yielding assets.
The rate was supported after Bank of Canada Governor Mark Carney yesterday adjusted wording in a statement to suggest interest rate increases will happen as early as September.
Crude oil rose for a second day.
“We still like the Canadian dollar,” said Chris Walker, a currency strategist at UBS AG. “People are looking for reasons to buy it, even at these levels.”
Today in its Monetary Policy report the central bank said inflation will average 2.8% between July and September and slow to 1.9% in the second quarter of next year . The so-called core rate, which excludes energy and food prices, will peak at 2.1% in the first quarter of 2012.
The policy rate was kept at 1%, where it’s been since September.
Today's data showed Canadian wholesale sales increased 1.9% to C$47.6 billion ($50 billion) in May, the fastest rate in 18 months. The median was for a 0.1% rise.uch as 1.6 percent to $99.02 a barrel in New York.
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