Canada Stocks Move Lower; Fed Comments In Spotlight; Metals and Mining Drives Losses

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The TSX moved lower on Wednesday, most sectors were down led by Metals and Mining but Info Tech bucked the trend.

Stocks moved lower after new Fed Chair Janet Yellen, discussed the timing of rate hikes following the end of the bond purchase program. The market took this timing to be relatively close compared to expectations which led to a stock selloff.

The Canadian dollar fell to nearly a 4.5 year low after the Fed announcement. The Loonie was already trading on the defensive after Bank of Canada Governor Stephen Poloz seemed to not rule out the possibility of a rate cut during a press conference in Halifax on Tuesday. According to some media outlets, Poloz was answering questions about interest rates and may not have been entirely clear in what he meant, and the market just took it as an excuse to sell down the loonie.



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This article appears in: Investing , Commodities

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