Softens the dovish tone a bit
More Poloz
- tone of banks discussion ahead of rate announcement was a little bit skeptical of the most negative data
- skepticism goes both ways, we need proof that slowdown is temporary: we are seeing little snippets globally. We are not discouraged
- if there were a negative disturbance, would be fodder for discussion as to whether rates should go down
- data in last couple weeks tied a bottle on how Q1 is likely to look, sites conflict in data: notes positive GDP and labor data and less impressive expenditure data
The somewhat less dovish/worrisome tone, has helped to push the loonie up a bit. The price moved below the 50% retracement of the spike move higher from earlier today. The low is back near the 100 and 200 bar MA on the 5 minute chart and just above the levels seen before the announcement.
