Daily digest market movers: BoC delivers expected cut, but revises growth forecasts lower... dari hagijeee

27 Jul 2024, 19:23 · Views 156

As markets broadly expected, the BoC cut benchmark rates by a quarter-point to 4.5%.
What surprised CAD traders was a steep downside revision in the BoC’s growth forecasts, which now expects 2024 GDP to grow by 1.2% for the year compared to April’s forecast 1.5%, an already-low figure.
The BoC also sees 2024’s first-quarter growth at just 1.7% on an annualized basis, far lower than the previous forecast of 2.8%.
BoC's Governor Macklem: Monetary policy is still restrictive
US PMIs came in fiercely mixed, with Manufacturing PMI figures sinking into contraction territory while Services PMI activity surged to a 26-month high.
Read more: US S&P Global Manufacturing PMI slumps to 49.5

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