By James Knightley, Chief International Economist; and Francesco Pesole, FX Strategist
Some encouragement on the domestic front...
At the July monetary policy meeting, the Bank of Canada suggested there was little prospect of any near-term policy change. Officials highlighted the improvements to the domestic story we've seen since the weakness in 4Q18 and 1Q19 with the economy described as growing at potential. Today's 2Q GDP report underlined that strength with the economy growing by a very robust 3.7% annualised versus the 3% consensus figure. It is this decent domestic performance that has so far