BoC Survey: Participants see BoC holding rates at 5.0% until end-2023

Market news

24 July 2023

BoC Survey: Participants see BoC holding rates at 5.0% until end-2023

The Bank of Canada's (BoC) latest survey showed that most market participants expect the BoC to hold its policy rate at 5% until the end of 2023, as reported by Reuters.

A median of the participants forecast the BoC to reduce the key interest rate to 3.50% in the fourth quarter of 2024.

Market reaction

The Canadian Dollar is struggling to stay resilient against its rivals on Monday. As of writing, the USD/CAD pair was trading at a daily low of 1.3163, losing 0.45% on a daily basis.

EUR/USD: There is very little upside scope at current levels – Commerzbank

USD/JPY may turn lower in the event BoJ surprises on Friday – OCBC

Market Focus

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