Bank of Canada Reports Indicate Austere 2009

The Bank of Canada released two separate reports today, both pointing towards a dismal 2009. The Canadian Business Outlook Future Sales survey from the fourth quarter of 2008 declined from 3.0 to -34.0, the lowest such level since the survey began. 57 percent of executives surveyed expect sales growth to slow over the next year, amid rising expectations that the recession will dampen growth prospects. The Bank of Canada Senior Loan Officer Survey (SLOS) also indicated similar sentiment. Respondents reported a sharp rise in tightening lending conditions, with the index rising to 75.8 from 55.0. The SLOS cites industry specific factors (mortgages, loans, interest rates) as one of the primary causes of tightening lending. The Bank of Canada remains pessimistic about investing and unemployment, with conditions continuing to decrease well into the New Year.

DailyFX

Disclaimer

Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.