HIGHLIGHTS OF THE WEEK

 

 

The Bank of Canada kept the overnight rate constant at 1.00% this week, in a communiqué which was interpreted as more dovish than the last. Markets reacted swiftly and the Canadian dollar plunged to a three-year low.

•  Canada’s trade balance tipped into surplus in October, as imports fell further than exports. The trade surplus was a razor thin $75 million, up from a $303 million deficit in September.

•  Employment was solid in November, advancing by 22,000 positions, while the unemployment rate held firm at 6.9%. So far this year, employment growth has averaged 13,400 per month, down from 25,400 over the same period in 2012.