Loonie at 72.67 U.S. cents
strengthened against its U.S. counterpart on Monday as Britain’s U-turn on fiscal measures bolstered investor sentiment and ahead of a Bank of Canada business survey that could offer clues on the central bank’s policy outlook.
The Bank of Canada is due to release its quarterly Business Outlook Survey and Canadian Survey of Consumer Expectations at 10:30 a.m. EDT . What central banks dread is a situation in which price increases become self-fulfilling – expectations for higher prices cause people to raise wage demands and accelerate purchases, driving further price increases.
Europe’s shares, bonds and major currencies rallied on Monday, undercutting recent strength in the safe-haven U.S. dollar, as Britain’s new finance minister shredded virtually all of the unfunded tax cuts that triggered market turmoil this month.
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