Central Bank Watch
Canada’s Overnight Interest Rate Target Lifted 25 Basis Points to 21-Year High of 4.75%
June 7, 2023
The Bank of Canada had paused its cycle of interest rate tightening after raising its target from 0.25% prior to March 2022 to 4.50% with a 25-bp hike this past January. That pause ended today with the unexpected 25-basis point increase to 4.75%, and a released statement fails to say one way or the other […] More
New Overnight Developments Abroad - Daily Update
Large Additional Slide of the Turkish Lira
June 7, 2023
The dollar jumped 7.4% overnight against the Turkish lira. At the intra-day low of 23.1762 per USD, Turkey’s currency was 13.8% weaker than its close on May 26 just before the reelection of the autocratic President Erdogan. Against other currencies overnight, the dollar lost ground, dropping 0.7% against Australia’s currency, 0.5% versus sterling, 0.4% relative […] More
