Canadian dollar seen higher if recession fears fade [Financial Post (Toronto, Ontario, Canada)]
PNC Financial Services Group, Inc. (The) (PNC)
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am
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Source: Financial Post
The loonie has outperformed most G10 currencies in 2022, but has weakened 1.7% against its broadly stronger U.S. counterpart. “USD strength comes from both Fed rate hikes as well as fears that those hikes will provoke a recession in 2023,” said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. “If and as those fears fade in 2023, with the Fed and BoC going on hold, the USD should fade lower and USD-CAD should revert toward its long-run average, and where it should be based on excellent Canadian currency fundamentals.” The median forecast in the poll was for Canada’s currency to edge 0.3% higher to 1.28 per U.S. dollar, or 78.13 U.S. cents, in three months’ time, matching July’s forecast. It was then expected to climb to 1.25 in one year. The Canadian economy grew at an annualized rate of 4.6% in the second quarter, a preliminary estimate showed last week. That contrasts with a second straight quarterly contraction in the United States and
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PNC
Earnings
- 4/16/24 - Beat
PNC
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 144
- 4/16/24 - Form 8-K
- PNC's page on the SEC website