The Bank of Canada considered cutting its interest rate by just a quarter of a percentage point last month, but opted to take a larger step.

OTTAWA - The Bank of Canada considered cutting its key interest rate by just a quarter of a percentage point last month, but opted to take a larger step in the face of a weakening economy and falling inflation.

According to the Bank of Canada's (BoC) minutes from the October 2024 meeting that was released Wednesday, the governing council felt upside pressures on inflation will continue to decline, so the monetary policy did not need to be as restrictive.

The AUD/USD pair revisits more than a week high of 0.6620 in European trading hours on Tuesday.

The Bank of Canada considered cutting its key interest rate by just a quarter of a percentage point last month, but opted to take a larger step in the face of a weakening economy and falling inflation.

As expected, the Reserve Bank of Australia (RBA) decided to leave its cash rate target unchanged at a 13-year high of 4.35%, UOB Group’s economist Lee Sue Ann notes.

The AUD/JPY cross gains traction to near 100.40 during the Asian trading hours on Tuesday.

However, the RBA still said that underlying inflation "remains too high."

The Australian Dollar (AUD) maintains its position as the Reserve Bank of Australia decides to keep the Official Cash Rate (OCR) steady at 4.35% in November.

Bank of Canada governing council members expressed concern that a 50-basis-point cut in October would signal “economic trouble” and worried it would lead to expectations of further moves of that size, according to a summary of deliberations released on Tuesday.

OTTAWA — The Bank of Canada considered cutting its key interest rate by just a quarter of a percentage point last month, but opted to take a larger step in the face of a weakening economy and falling inflation.

The Fed is widely expected to cut its key interest rate by a quarter percentage point on Thursday, at the conclusion of the two-day meeting of the Federal Open Market Committee.