Canadian inflation flat
The Canadian core inflation rate has fallen the most since 1953, with the consumer price index falling -0.9% on the year to July, to come in at 1.8%. The decline is the second consecutive downward move and comes on the back of lower gasoline prices.
The Canadian interest rate is currently at 0.25% and the inflation figures provide the central bank with scope for further interest rate cuts. Rate hikes will be made in future to keep inflation running at the central banks 2% target. Exchange rates for the Canadian dollar weakened 0.7% against the US dollar following the announcement, falling to 90.16 US cents.
The Canadian dollar is currently valued at USD0.9077 and GBP0.5507.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.