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by ForexNewsNow Team on July 20, 2010

BoC hikes interest rates, cuts Canada growth forecast

mark carney forex traders CAD global forexNEW YORK (Forex News Now) – The Bank of Canada raised its benchmark interest rate on Tuesday, as widely expected, in one of the day’s spotlight FX news events.

The central bank hiked its Overnight Rate 25 basis points to 0.75 percent, in line with the forecasts made by global forex news outlets.

The bank also lowered its growth forecast for Canada for 2010.

“The Bank expects the economic recovery in Canada to be more gradual than it had projected in its April MPR, with growth of 3.5 per cent in 2010, 2.9 per cent in 2011, and 2.2 per cent in 2012,” the bank said in a statement.

“This revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada.”

Analysts had expected somewhat more substantial growth of 2.1 percent in April, two major forex news outlets reported.

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