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Wednesday December 12, 2007 - 22:02:47 GMT
Reuters - www.reuters.com

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Forex Market News - Canada dollar rides liquidity plan to higher close

Wed Dec 12, 2007 4:56pm EST

 By Frank Pingue
 TORONTO, Dec 12 (Reuters) - The Canadian dollar rose versus
the U.S. currency on Wednesday despite a turnaround in equity
markets that ate away at early gains made after a coordinated
move by major central banks to help resolve liquidity issues.
 Canadian bond prices ended lower across the curve due to a
combination of the central bank actions and Canadian trade data
that came in ahead of expectations.
 The Canadian dollar closed at 98.70 U.S. cents, valuing a
U.S. dollar at C$1.0132, up from Tuesday's session close of
98.58 U.S. cents, or C$1.0144.
 A sharp turnaround in North American equity markets, which
stumbled after posting big gains early in the session, took its
toll on the Canadian dollar and yanked it from a session high
of 99.45 U.S. cents, or C$1.0055.
 Support for the Canadian currency came early in the session
as major central banks, including the Bank of Canada, came
together to ease the tight conditions in the money market.
 "The short-term implications of the establishment of the
liquidity facility were positive for the commodity currencies
... including the Canadian dollar," said David Powell, currency
analyst at IDEAglobal in New York.
 "But equities have taken a U-turn and ... that has seen the
Canadian dollar and the rest of the commodity currencies give
back those gains."
 Both the Toronto Stock Exchange and Dow Jones industrial
average rallied more than 200 points during the session before
closing with gains of 85.67 points and 41.13 points
respectively.
 For its part, the Bank of Canada said it would expand its
list of securities eligible as collateral to provide liquidity
to the markets and will include U.S. Treasuries, probably by
the middle of 2008.
 Liquidity traditionally dries up a bit at yearend but the
recent credit crunch has exacerbated the problem.
 Powell also said the Canadian dollar has been battling a
market than has turned much less bullish on the currency since
the Bank of Canada cut its key interest rate last week for the
first time since April 2004.
 A 5 percent jump in oil prices also helped to support the
Canadian dollar since Canada is a major producer and exporter
of oil.
 BONDS END LOWER
 Canadian bond prices handed back gains recorded during the
previous session as a stronger-than-expected Canadian trade
surplus and the central bank action reduced the safe-haven
appeal of government debt.
 Canada's trade surplus rose to C$3.32 billion in October
from C$2.81 billion in September, although the value of both
imports and exports fell. Analysts had, on average, predicted
October's surplus would be C$2.45 billion.
 The move by major central banks, under the leadership of
the U.S. Federal Reserve, to help ease the tight conditions in
the money market followed Tuesday's Fed decision to cut its key
rate by 25 basis points to 4.25 percent.
 Many market players had called for a 50 basis point cut
from the Fed.
 The two-year bond fell 29 Canadian cents to C$100.88 to
yield 3.777 percent. The 10-year bond slid 71 Canadian cents to
C$99.83 to yield 4.022 percent.
 The yield spread between the two-year and 10-year bond
moved to 24.5 basis points from 30.3 at the previous close.
 The 30-year bond declined 97 Canadian cents to C$114.54 to
yield 4.141 percent. In the United States, the 30-year Treasury
yielded 4.544 percent.
 The three-month when-issued T-bill yielded 3.89 percent, up
from 3.86 percent at the previous close.
 (Reporting by Frank Pingue; Editing by Peter Galloway

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

 

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