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Look for easing from the BoC next year with a cut in January 2020 - TD Securities

The tone of the BoC's statement was more cautious than expected as the Bank put significant emphasis on weakness elsewhere in the global economy, explained analysts at TD Securities.

Key quotes

"The MPR balanced mark-to-market upgrades for 2019 GDP and CPI with a more downbeat outlook for next year. Softer global growth was the primary factor, and the Bank also noted that trade risks are now tilted to the downside."

"BoC highlighted concerns from global factors and downgraded growth. This is a dovish hold. 2s are 10 bps lower on the day, in line with our dovish scenario expectation. The market's reaction for Canada to outperform the US by 5bps in 10s and 7bps in 2s makes sense."

"In that context, we were surprised to see the Bank lean so heavily on a deteriorating global outlook in the messaging."

Poloz speech: Did not consider an insurance rate cut in September

Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins are now responding to questions from the press at a press conference following
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When is the Fed interest rate decision and how could it affect EUR/USD?

The Federal Reserve will announce its decision on monetary policy at 18:00 GMT. Chairman Jerome Powell will read a statement and hold a press conferen
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