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Exporters to Bank of Canada: Thanks, But No Thanks on Rate Cut

  • Jayson Myers says lower rates may do more harm than good
  • Swaps trading shows 62% chance Poloz will cut on Wednesday
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Canadian Dollar Extends Longest Losing Streak

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The head of Canada’s largest exporters association has a message for Bank of Canada Governor Stephen Poloz: don’t do us any favors.

Speculation Poloz will cut interest rates again as early as Wednesday is fueling the Canadian dollar’s precipitous fall and may be doing more harm than good, says Jayson Myers, chief executive of Canadian Manufacturers & Exporters. Exchange rate volatility is putting a chill on business decisions and renewed talk of lower rates is stoking worries about the economy’s health, all of which is bad for confidence, he said.