US President Donald Trump on Wednesday offered proposals for tax adjustments that would be the largest in US history, and told reporters at the White House that they would be something special for Americans. The dollar rose over the course of today's trading, as the dollar index rose from a daily low at 92.79 to reach its highest level since August 23 at 93.40.
Stephen Poloz, governor of the Bank of Canada, made the following statement:
Today's events witnessed several important events and economic data that had a clear impact on market movements. At the top of these events, Bank of Canada's surprise decision to raise interest rates for the second time in a row this year to 1% in the wake of the previous meeting hike.
The Bank of Canada made a surprise move today, raising interest rates by 0.25% to 1% for the second time in a row this year. Expectations were that the bank would keep interest at 0.75%. A monetary policy report wasn't released after today's meeting and there was no press conference.
We have a new trading week full of events and important economic data which may have a significant impact on the movements of the markets this week, and we will review the most important of this data:
The July consumer price index rose by 1.2% on yearly basis, in line with expectations, compared with June's reading which rose by 1%. While the core index rose by 0.1%, and on yearly basis rose by 0.9%.
US stocks rose at the beginning of the day after FED Governor Janet Yellen confirmed the gradual rate hike and that raising it again this year would be appropriate. She pointed out that the economy is strong enough to accommodate further gradual rise in interest rates, and reducing the Fed's huge portfolio of bonds.
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