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Futures and Commodity Market News |
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Sun May 11, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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WINNIPEG, MB, Apr 29, 2008 (Resource News International via COMTEX) -- The Canadian dollar finished little changed versus the US currency on Tuesday. Early weakness in the Canadian unit had been associated with the pull-back in global crude oil and gold values, market watchers said. End-of month book squaring helped the Canadian dollar recover back to near unchanged late in the session. The Canadian currency closed out the North American session at 98.80 US cents or C$1.0121 on Tuesday. This compares with Monday's closing North American mark of 98.81 US cents or C$1.0120. Currency investors were also cautious ahead of the US Federal Reserve's interest rate decision Wednesday. Expectations are for the US Federal Reserve to cut the overnight target rate by 25 basis points. The US and Canadian dollars are likely to remain in a narrow range until there is more certainty regarding the relatively economic outlooks of the two countries, brokers said. In domestic data Tuesday, Canadian weekly earnings averaged a seasonally adjusted C$786.80 in February, up 0.6% from C$782.09 in January and 3.1% higher than C$762.86 a year earlier, Statistics Canada said. Also on Tuesday, Canadian government employment offices received a preliminary, seasonally adjusted 210,900 new and renewal claims for unemployment insurance benefits in February, a 0.6% decline from January and down 0.5% from a year earlier, StatsCan said. On Wednesday, gross domestic product for February and raw material and industrial product price indexes for March will be released. Canadian bonds ended higher across the yield curve on Tuesday with some of the strength associated with the declines in the North American equity sector and weak US economic data, market watchers said. Weak data out of the U.S. reinforced expectations of at least a 25-basis point rate cut from the Fed on Wednesday. |
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Resource News International Copyright 2008 Resource News International Please read the End User Agreement. News provided by COMTEX |
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