Until the past month or so, the Canadian Dollar has more or less held up against its US counterpart. And even with the recent drop, the Canadian Dollar is still doing better than it did in 2020 at the height of the pand…
Until the past month or so, the Canadian Dollar has more or less held up against its US counterpart. And even with the recent drop, the Canadian Dollar is still doing better than it did in 2020 at the height of the pandemic.
When Truss announced her "mini-budget" on September 23, over the next two days the pound sterling crashed towards parity with the US dollar, and was only rescued by BoE intervention.
Arguably, one can look at the forex markets to understand why.
https://www.xe.com/currencycharts/?from=CAD&to=USD&view=5Y
Until the past month or so, the Canadian Dollar has more or less held up against its US counterpart. And even with the recent drop, the Canadian Dollar is still doing better than it did in 2020 at the height of the pandemic.
When Truss announced her "mini-budget" on September 23, over the next two days the pound sterling crashed towards parity with the US dollar, and was only rescued by BoE intervention.
https://www.xe.com/currencycharts/?from=GBP&to=USD&view=1M
As the pound crashed gilt yields soared.
https://www.cnbc.com/quotes/UK10Y-GB
That was about as clear an economic vote of "no confidence" as you can get.