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MNI BRIEF: Macklem Says Trade War May Weaken CAD Further

Policy NewsCanadaBriefStoryNorth America

MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said Friday the country's dollar may see further weakness in any U.S. trade war, saying those tensions have driven its recent "material depreciation" more than the gap between policy rates in the two countries. 

"Some of that is already built in" Macklem said of the drag from tariff threats, but further depreciation wouldn't be a big surprise, he said after a speech in Toronto. The comments are in line with past remarks indicating the central bank nowhere near the point where the divergence of BOC and Fed policy and associated currency weakness becomes a barrier to action. (See: MNI INTERVIEW:Canada PMI Hit By Weak CAD Amid Tariff, Slow GDP)

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MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said Friday the country's dollar may see further weakness in any U.S. trade war, saying those tensions have driven its recent "material depreciation" more than the gap between policy rates in the two countries. 

"Some of that is already built in" Macklem said of the drag from tariff threats, but further depreciation wouldn't be a big surprise, he said after a speech in Toronto. The comments are in line with past remarks indicating the central bank nowhere near the point where the divergence of BOC and Fed policy and associated currency weakness becomes a barrier to action. (See: MNI INTERVIEW:Canada PMI Hit By Weak CAD Amid Tariff, Slow GDP)