加元兑美元汇率跌至1.41加元，接近七个月低点，因为美元走强和国内数据疲软推动了对加拿大银行的鸽派押注。在美联储降息25个基点后，主席鲍威尔警告称，12月的降息远未得到保证，这降低了几乎确定的12月降息预期。中国银行也下调25个基点至2.25%，并暗示这可能是周期的最后一步，但此后市场重新关注疲软的活动。加拿大9月国内生产总值预计每月增长0.1%，而8月被修订为每月收缩0.3%，这是自2022年12月以来的最大月度跌幅，这一模式与贸易摩擦和较高政策利率的拖累相一致。行长Tiff Macklem表示，削减旨在帮助受美国关税和贸易中断打击的经济，但他强调，进一步削减不是自动的，警告说保护主义可能会造成结构性损害，并强调如果前景减弱，该行随时准备作出回应。
The Canadian dollar slipped toward C$1.41 per US dollar, a near seven-month low, as a stronger US dollar and softer domestic data drove dovish bets for the Bank of Canada. After the Fed trimmed rates by 25bp, Chair Powell warned a December cut is far from assured, which pared a nearly certain December rate cut expectation. The BoC also cut 25bp to 2.25% and signaled it was likely the final move in the cycle, but markets have since refocused on weakening activity. Canada’s September GDP is expected to rise 0.1% monthly while August was revised to a 0.3% monthly contraction, the largest monthly drop since December 2022, a pattern consistent with trade frictions and the drag from higher policy rates. Governor Tiff Macklem said the cut was intended to help an economy hit by US tariffs and trade disruption, but he stressed that further cuts are not automatic, warned that protectionism could inflict structural damage, and underlined the Bank’s readiness to respond if the outlook weakens.
