The Canadian dollar gained from a one-year low against its U.S. counterpart amid speculation the Federal Reserve may not taper its monetary stimulus, known as quantitative easing, as soon as some investors anticipated.
The time is right for Stephen Poloz to drop the Bank of Canada’s bias toward raising interest rates when he takes over as governor next month, according to Bank of Montreal’s Doug Porter.
Toronto-Dominion Bank, the first Canadian lender to report second-quarter results, said profit rose 1.8 percent on record earnings from U.S. consumer lending.
U.K. 10-year government bonds advanced for a third day as stocks around the world declined, boosting demand for assets perceived to be safer.
Home Capital Group Inc., the Canadian mortgage lender targeted by short sellers, plans to double its loan portfolio by adding customers turned away by the country’s biggest banks.
Canadian Finance Minister Jim Flaherty said the loosening of fiscal and monetary policies in some countries may be increasing risks to the global economy.
Canada’s dollar dropped to an almost one-year low versus its U.S. peer after Federal Reserve Chairman Ben S. Bernanke said monthly bond purchases may be reduced if the economy shows sustained growth.
Canadian stocks rose for a fourth day, with a rally in metals miners offsetting losses among banks and oil producers, as investors weighed the pacing of U.S. central-bank stimulus measures.
U.S. rejection of TransCanada Corp.’s Keystone XL pipeline would be a “significant irritant” to the relationship between Canada and its biggest trading partner, said Canadian Trade Minister Ed Fast.
Following are the minutes of the Federal Reserve’s Open Market Committee meeting that concluded on May 1.
RBC’s Porcelli Says Global Activity Has Turned Down
RBC’s Lignos Says Japan `Lacks Tools’ to Weaken Yen
RBC’s Cloherty Says Fed Losing Money on Some QE
Cole Discusses Central Banks, Debasing Currencies
RBC’s Porcelli Says QE Exit `Is Still Years Away’