Bank of Canada keeps Interest Rate steady

Tuesday, 31 May 2011 05:01

Bank of Canada released its Interest Rate Statement, and Overnight Rates were announced to remain the same at 1.00%.

Unchanged Interest Rate pushed USD/CAD down from 0.9720 to trade at 0.9664.

Change in the price of goods sold by manufacturers; Insuatrial Product Price Index, was released lower than expected earlier today.  As 0.7% was forecasted for IPPI in Canada, an announcement came out that IPPI was released at 0.5%, lower than last month's figure as well.  Raw Materials Price Index however had a positive attitude with a 6.8% hike, when only 3.7% was expected.  Figures also show a higher bargain than last month's 5.8%.