04 December 2007 18:06 [Source: ICIS news]
TORONTO (ICIS news)--The Bank of Canada on Tuesday lowered its target for the overnight rate by 0.25 percentage point, to 4.25%, because of the impacts of the US subprime mortgage crisis and the high Canadian dollar (C$) on the country's economy.
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It also noted the strong Canadian dollar vis-à-vis the US dollar.
The Canadian dollar spiked at well over parity last month but has since then fallen back to around parity with the US dollar.
Following the bank’s announcement, the Canadian dollar was down 1.24 US cents, to 98.78 cents on Tuesday morning.
The bank had come under intense pressure in past months to cut rates against a backdrop of plant closures and mounting job losses in the manufacturing sectors - including plastics and chemicals - of
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