Mr Spock’s Death Sparks Widespread ‘Spocking’ of Canadian Dollar (CAD) Bills
Following the recent death of Leonard Nimoy, fans of the actor’s Star Trek character Mr Spock began defacing Canadian Dollar bills in tribute, but the Bank of Canada (BOC) has now spoken out against the damage being caused to the domestic currency.
Nimoy passed away last Friday and there was an immediate outpouring of emotion from Trekkies from around the globe.
Legions of fans opted to pay homage to the institution by turning the portrait featured on Canada’s five dollar bill (of the nation’s seventh Prime Minister Sir Wilfrid Laurier) into the image of Nimoy’s most famous character by sketching in the upturned eyebrows, pointy ears and distinctive haircut.
The practice, termed ‘Spocking’ by the press, has received a mixed reaction. Honorary citizens of the United Federation of Planets are loving the movement, and taking to social media platforms in droves to share their ‘Spocked’ notes.
Canadian officials are viewing the action less positively.
By depicting Mr Spock on the banknotes in a lasting act of tribute, fans are immortalising his catchphrase to ‘Live Long and Prosper’. However, the BOC isn’t looking too kindly on this form of homage.
Although the action is not illegal, the BOC has urged fans to stop defacing the banknotes.
BOC spokeswoman Josianne Menard issued the following statement; ‘It is not illegal to write or make other markings on bank notes… However, there are important reasons why it should not be done. Writing on a bank note may interfere with the security features and reduces its lifespan. Markings on a note may also prevent it from being accepted in a transaction. Furthermore, the Bank of Canada feels that writing and markings on bank notes are inappropriate as they are a symbol of our country and a source of national pride.’
The bank’s pleas appear to have fallen on deaf ears however, and the craze is now branching out with reports of Australian bank notes featuring a ‘Spocked’ Queen spreading on Twitter:
Another Australian fiver with the Queen Spocked. I really hope this becomes and international ‘thing’. Thanks to… http://t.co/Wxgvx3hjwp
— OOdie Smith (@oodiesmith) March 5, 2015
Can I please get a Spocked five?! pic.twitter.com/nUMQukwVog
— Emma (@EmmaKupchin) March 5, 2015
— Toronto Problems (@TOProbs) March 5, 2015
Bank of Canada (BOC) Interest Rate Decision Boosts Canadian Dollar to Euro (CAD/EUR) Exchange Rate
The BOC has been fairly active this week. As well as speaking out on the subject of ‘Spocking’, the central bank delivered its latest interest rate decision.
Earlier this year the BOC surprised markets by unexpectedly cutting borrowing costs to 0.75% in an attempt to counter the impact of sliding crude oil prices.
Concerns that the central bank might follow this up with another cut have kept the Canadian Dollar under pressure, so the currency was able to stage an impressive rebound after the BOC asserted that rates would remain stable for the foreseeable future and that the cut implemented in January will have the desired effect.
The bank stated; ‘Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments. In light of these developments… we judge that the current degree of monetary policy stimulus is still appropriate.’
The Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate accordingly climbed by over 200 pips and the Canadian Dollar to Euro (CAD/EUR) exchange rate achieved a high of 0.7289.
Given that UK political concerns are weighing on the Pound and ECB QE issues are keeping the Euro under pressure, the Canadian Dollar may hold these gains into the weekend.
The Canadian Dollar to Euro (CAD/EUR) exchange rate held gains after the European Central Bank (ECB) delivered its interest rate decision.
Although the central bank left policy on hold, as expected, it announced that QE will begin next week and additionally hinted that the programme could extend beyond September 2016.
The Canadian Dollar to Euro (CAD/EUR) exchange rate is currently trading in the region of 0.7275
On a final note, if you’ve done some ‘Spocking’, please share your work with us on Twitter!