Sunday, 28 August 2011

CAD Gains vs. USD as Investors Seek Higher Yield

The Canadian dollar advanced against its US counterpart as market sentiment improved, creating investors a lot of willing to risk and appearance for higher-yielding currencies. The currency was down against the euro and the yen.

The Producer value Index within the US, the major trading partner of Canada, rose 0.2 p.c in July, following the drop by zero.4 p.c in June. Market analysts expected no change. Futures on crude oil (the key Canadian export) gained 1.9 p.c to $88.32 per barrel. the standard & Poor’s five hundred Index climbed 1 p.c.

The loonie (as Canada’s currency is usually nicknamed) was down two.4 p.c this month on the mounting sings of issues within the world economy. The necessary report about the inflation in Canada are going to be released on August nineteen. maybe even a lot of impact on the Canadian currency can have a testament by Bank of Canada Governor Mark Carney later that day.

USD/CAD fell from 0.9823 to 0.9809 as of 17:34 GMT today. EUR/CAD was a little higher at 1.4162 compared to the opening price of 1.4148, following the slump to 1.4083 earlier this day. CAD/JPY was down from 78.12 to 77.92.

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