加元兑美元汇率跌至1.4加元，因为越来越多的人押注美联储将在更长时间内保持更高的政策利率，导致美元走强，压倒了加拿大银行发出的任何短暂的鹰派信号。市场在很大程度上将中国央行最近的降息视为已消化，转而转向其依赖数据的指导方针，这缩小了进一步宽松的可能性，推高了国内收益率，但不足以弥补美元的强势。在国内，疲软的宏观背景加剧了压力，第二季度国内生产总值收缩约1.6%，劳动力市场疲软，尽管工资单增长了6万人，失业率接近7.1%，而通货膨胀率仍然居高不下，整体CPI同比约2.4%，央行削减的指标接近3.1%。疲软的大宗商品信号、挥之不去的美加贸易和关税摩擦，以及渥太华向亚洲拓展以实现关系多样化，使外部风险居高不下，并限制了加元的外部支持。

The Canadian dollar weakened toward C$1.4 per US dollar, as a firm US dollar driven by growing bets that the Federal Reserve will keep policy rates higher for longer overwhelmed any short-lived hawkish signals from the Bank of Canada. Markets largely treated the BoC’s recent cut as priced in and shifted instead to its data dependent guidance, which narrowed the odds of further accommodation and pushed domestic yields up but not enough to compensate for the dollar’s strength. At home a weak macro backdrop compounds the pressure with Q2 GDP contracting about 1.6% and the labour market softening despite a one off 60,000 payroll gain that left unemployment near 7.1%, while inflation remains elevated with headline CPI around 2.4% year on year and the Bank’s trimmed measure near 3.1%. Softer commodity signals and lingering US Canada trade and tariff frictions together with Ottawa’s outreach to Asia to diversify ties keep external risks elevated and limit the loonie’s external support.

标准普尔/多伦多证交所综合指数周四上涨约0.3%，收于30145点以上，主要矿商的强势抵消了央行更为强硬的信号。加拿大央行和美联储均降息25个基点，如果前景持续，中国央行将其举措视为宽松政策的结束，而美联储则淡化了12月进一步降息的可能性。Agnico Eagle领涨，在公布第三季度每股收益2.16美元（比预期高出0.21美元）和收入30.6亿美元后，涨幅超过3%，而预期为29.5亿美元。同行Wheaton Precious和Barrick分别上涨近3%和2.5%，金融和科技股也上涨。然而，在金属价格下跌后，铜价下跌，艾芬豪下跌超过4.5%，第一量子下跌约4%，泰克下跌约2%。在贸易方面，有关美中关税有限回落的报道与恢复大豆采购和放宽稀土限制有关，削减了避险需求，尽管市场仍对任何休战的持久性持怀疑态度。

The S&P/TSX Composite rose about 0.3% to above the 30,145 mark on Thursday, as strength among major miners offset firmer central-bank signals. The Bank of Canada and the Federal Reserve each cut rates by 25 basis points, with the BoC framing its move as likely the end of easing if the outlook holds, while the Fed downplayed the odds of further reductions in December. Agnico Eagle led the rally, climbing more than 3% after reporting Q3 EPS of $2.16 (beating estimates by $0.21) and revenue of $3.06bn versus $2.95bn expected. Peers Wheaton Precious and Barrick added nearly 3% and 2.5%, respectively, and financials and tech also traded higher. However, copper names lagged after metal prices slipped, Ivanhoe fell over 4.5%, First Quantum about 4% and Teck roughly 2%. On the trade front, reports of a limited US–China tariff rollback tied to resumed soybean purchases and eased rare-earth restrictions trimmed safe-haven demand, though markets remain sceptical about the durability of any truce.

继7月份下调3.2%后，加拿大8月份的平均每周收入同比增长3.0%，达到1312加元。收入增长可以反映一系列因素，包括工资、就业构成、工作时间和基准年效应的变化。与上月相比，平均每周收入保持不变，而平均每周工作时间稳定在33.3小时，同比下降0.6%。

Average weekly earnings in Canada rose 3.0% year-on-year to $1,312 in August, following a downwardly revised 3.2% increase in July. Earnings growth can reflect a range of factors, including changes in wages, composition of employment, hours worked and base-year effects. Month-over-month, average weekly earnings were unchanged, while average weekly hours worked held steady at 33.3, down 0.6% from a year earlier.

周四，追踪加拿大标准普尔/多伦多证交所综合指数的期货交易小幅上涨和下跌，因为市场正在等待主要的盈利结果，并评估了中国银行和美联储在昨天做出决定后发出的鹰派信号。中国央行降息25个基点，但表示如果预测保持不变，其宽松周期将结束，而美联储降息25个百分点，但淡化了12月的再次降息。金价上涨，支撑了加拿大主要矿商。昨天，Agnico Eagle在公布第三季度每股收益2.16美元后上涨，超出预期0.21美元，收入为30.6亿美元，而预期为29.5亿美元。加拿大天然气公司、费尔法克斯金融公司、餐饮品牌公司、阿萨巴斯卡石油公司、埃尔多拉多黄金公司、Capstone Copper公司和NexGen Energy公司将于今日跟进并公布收益。与此同时，在美国总统特朗普在会见卡尼总理后采取乐观态度，缓解了本周早些时候进展停滞的担忧后，对与美国贸易流量增加的预期支撑了风险情绪。

Futures tracking Canada’s S&P/TSX Composite Index traded small gains and blows on Thursday, as markets awaited major earnings results and assessed the hawkish signals from the BoC and Fed following their decisions yesterday. The BoC cut its rate by 25bps but signaled the end of its easing cycle should projections hold, while the Fed cut rates by 25bps but downplayed another cut in December. Gold prices rose, supporting major Canadian miners. Yesterday, Agnico Eagle gained after reporting Q3 EPS of $2.16, beating estimates by $0.21, with revenue at $3.06B versus $2.95B expected. Canadian Natural, Fairfax Financial, Restaurant Brands, Athabasca Oil, Eldorado Gold, Capstone Copper, and NexGen Energy are set to follow up and report earnings today. Meanwhile, expectations for higher trade flows with the US supported risk sentiment after US President Trump struck an optimistic tone after meeting PM Carney, easing concerns from halted progress earlier this week.