Macklem on floating dollar, anchored inflation

In the speech 'Floating Dollar, Anchored Inflation: The Role of the Exchange Rate in Canada's Monetary Policy Framework' given on 8 June Tiff Macklem of the Bank of Canada said the Canadian dollar's rapid recent appreciation reflects strong demand for Canadian exports and higher commodity prices, but also a weakening U.S. currency.

"Part of the Canadian dollar appreciation has been related to the multilateral depreciation of the U.S. dollar, and we have had to factor this ... force into our

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