{"id":777,"date":"2023-08-08T09:03:10","date_gmt":"2023-08-08T06:03:10","guid":{"rendered":"https:\/\/invest24world.com\/?p=777"},"modified":"2023-08-08T09:08:28","modified_gmt":"2023-08-08T06:08:28","slug":"canadian-dollar-prospects-rise-as-analysts-eye-end-of-global-rate-hikes-reuters-poll","status":"publish","type":"post","link":"https:\/\/22-preview.freshtone.ru\/fr\/canadian-dollar-prospects-rise-as-analysts-eye-end-of-global-rate-hikes-reuters-poll\/","title":{"rendered":"Canadian dollar prospects rise as analysts eye end of global rate hikes: Reuters poll"},"content":{"rendered":"\r\n

Analysts have raised their bullish forecasts on the Canadian dollar as central banks globally, including the Federal Reserve, move closer to concluding interest rate hiking campaigns, a Reuters poll showed on Thursday.<\/p>\r\n\r\n\r\n\r\n

The median forecast of nearly 40 currency analysts was for the\u00a0loonie<\/a>\u00a0to strengthen about 2.0% to 1.31 per U.S. dollar, or 76.34 U.S. cents, in six months, compared to 1.32 in last month’s forecast.<\/p>\r\n\r\n\r\n\r\n

It was expected to rally to 1.29 in a year, a gain of 3.6%.<\/p>\r\n\r\n\r\n\r\n

“We expect the USD to soften broadly over the next 12 months as the Fed’s tightening cycle starts to reverse,” said Shaun Osborne, chief currency strategist at Scotiabank.<\/p>\r\n\r\n\r\n\r\n

Investors are betting the Fed is close to completing its tightening campaign and will shift to rate cuts in the first half of 2024.<\/p>\r\n\r\n\r\n\r\n

That would likely be supportive of the global economy. Canada is a major exporter of commodities, including oil, so the loonie is particularly sensitive to global economic prospects.<\/p>\r\n\r\n\r\n\r\n

U.S. crude<\/a>\u00a0oil futures touched on Wednesday their highest level since mid-April at $82.43 a barrel before giving back some recent gains.<\/p>\r\n\r\n\r\n\r\n

“The Bank of Canada is liable to ease interest rates more or less in line with the Fed in 2024 but support for the CAD should come from a generally softer USD, reflecting investor diversification away from USD-denominated assets, and an improving global risk backdrop as central banks broadly move away from tightening monetary policy,” Osborne said.<\/p>\r\n\r\n\r\n\r\n

The Canadian central bank last month raised its benchmark interest rate to a 22-year high of 5% and said it could tighten further because of the risk inflation stalls above its 2% target.<\/p>\r\n\r\n\r\n\r\n

Canada’s employment data for July, due on Friday, could help guide expectations for additional hikes.<\/p>\r\n\r\n\r\n\r\n

Source: https:\/\/www.investing.com\/news\/economy\/canadian-dollar-prospects-rise-as-analysts-eye-end-of-global-rate-hikes-reuters-poll-3142926<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Analysts have raised their bullish forecasts on the Canadian dollar as central banks globally, including the Federal Reserve, move closer to concluding interest rate hiking campaigns, a Reuters poll showed on Thursday. The median forecast of nearly 40 currency analysts was for the\u00a0loonie\u00a0to strengthen about 2.0% to 1.31 per U.S. dollar, or 76.34 U.S. cents, […]<\/p>\n","protected":false},"author":1,"featured_media":778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpautop"],"translation":{"provider":"WPGlobus","version":"2.10.10","language":"fr","enabled_languages":["en","nl","es","sv","fr"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"\r\nCanadian dollar prospects rise as analysts eye end of global rate hikes: Reuters poll - 24 World<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Canadian dollar prospects rise as analysts eye end of global rate hikes: Reuters poll - 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