Canadian DollarCanada’s dollar plunged today as demand for the nation’s assets deteriorated because of pessimistic outlook for the economy of the biggest nation’s trading partner — the US.
The depressed mood caused fall of equities and decline of commodities. The MSCI World Index of stocks slumped 1.9 percent, while the Standard & Poor’s 500 Index fell as much as 2.1 percent.
There are positive sing, though, that may precede a change of the trend. The S&P/TSX Composite Index rose 0.4 percent. Crude oil, the main export of Canada, rallied 3.2 percent to $81.82 per barrel. Yield on the two-year government bonds fell five basis points to 0.81 percent.
USD/CAD jumped from 0.9771 to 0.9921 as of 19:19 GMT today. EUR/CAD advanced from 1.4044 to 1.4088 after reaching the intraday high of 1.4174. CAD/JPY fell from 78.70 to 77.38 and declined during the day to 76.82, the lowest level since March 2009.
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Earlier News About the Canadian Dollar:
Canadian Dollar Falls Along with Other Commodity Currencies (2011-08-02)
Loonie Declines as Economy Contracts (2011-07-29)
CAD Sets New Multi-Year Record on US Crisis Expectations (2011-07-26)
Canadian Inflation Slows, Loonie Retreats (2011-07-22)
CAD Reaches Three-Year High vs. USD (2011-07-22)
This entry was posted on TopForexNews on Wednesday, August 10th, 2011 at 7:19 pm and is filed under Canadian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.