These are serious times. Luckily for us, we have serious currency traders looking out for our well being. A currency strategist from the Bank of Nova Scotia (not in any way to be confused with an unnamed Liberal strategist - which is a much harder job to score) warns us in ominous terms about the consequences of an election: ""I think [the political uncertainty]will probably create some weakness for the Canadian dollar."
Yikes. Michael Ignatieff drives down dollar; what a terrible, terrible way to start a potential campaign.
And how long might this uncertainty last? Back to the currency strategist: "I think it's more a story that we are going to see play out tonight or tomorrow"
Damn - 12 to 24 hours, that's serious.
But wait; lower loony, lower loony, coming apocalypse, grossly irresponsible, who else might have something to say about this?
From the Bank of Canada. Headline: BoC won't allow the loonie to stall growth Gist of the story: a high currency is the biggest threat to the Canadian economy. Money quote:
"Other things being equal, a persistently strong Canadian dollar would reduce real growth and delay the return of inflation to target. .. We retain considerable flexibility through the use of unconventional monetary policy instruments, including quantitative easing."
Is it possible that currency strategists are as clueless as unnamed Liberal strategists?
Let the silly season begin.