Bank of Canada Governor Poloz: Natural Canada recovery appears to be under way via ForexLive

Comments from Bank of Canada Governor Poloz:

• Canada starting to see early export recovery signs
• We are cautiously optimistic about our exporting future
• It will take more than a few months to establish a trend
• It looks like the natural sequence we've been hoping for is getting under way
• Full speech

CAD rallying on these comments. The BOC has been cautious on Canadian growth but Poloz is beginning to sound a bit more optimistic.

“There has been a surge in non-energy exports in the past few months,” he said. “We are starting to see some early signs of recovery.”

The fact is, though, that the global economy remains an uncertain place and, as forecasters, we are wary of the serial disappointment it has delivered us in recent years.  Europe is obviously the biggest question mark. Nonetheless, the U.S. economy appears to be back on track and is now showing signs of higher investment spending, which is  usually associated with stronger exports of Canadian machinery and equipment, packaging materials, industrial materials, and business services.”

Poloz also said that currency intervention is “off the table” but that's a standard line from the Bank of Canada. They never threaten to intervene in the currency.

posted via ForexLive