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Wednesday August 6, 2008 - 20:55:56 GMT
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Forex Market News - Canadian dollar rattled again by oil-price fall

Wed Aug 6, 2008 4:50pm EDT
 * Canadian dollar down 2 percent on the week
 * Friday's Canadian July jobs numbers in focus
 * Bond prices end flat given lack of key data
 By Frank Pingue
 TORONTO, Aug 6 (Reuters) - The Canadian dollar fell more
than half a cent to a fresh 11-month low versus the U.S. dollar
on Wednesday as the downdraft in commodity prices continued to
rattle the currency.
 Canadian bond prices, with no key economic data to spark a
move, finished mostly flat across the curve as dealers bided
their time until key Canadian jobs figures are released on
 The Canadian dollar closed at C$1.0477 to the U.S. dollar,
or 95.45 U.S. cents, down from C$1.0419 to the U.S. dollar, or
95.98 U.S. cents, at Tuesday's close.
 As has been the case in recent sessions, Canada's role as a
key exporter of oil weighed on its currency since the price of
oil fell to a three-month low less than a month after it
vaulted to a record above $147 a barrel.
 "It hasn't been the same degree that other commodity-based
currencies have fallen, but normally if commodity prices fall
we tend to get dragged along," said Sal Guatieri, senior
economist at BMO Capital Markets.
 While commodity-linked currencies have been under pressure
in recent weeks, the Canadian dollar has managed to outperform
other commodity-based currencies, most notably the Australian
and New Zealand dollars.
 Still, the Canadian currency is down 2 percent this week
after two straight losing weeks, and the main culprits have
been weak commodity prices and concerns about global growth.
 Data released midway through the first half of the session
showed Canadian purchasing activity rose more than expected in
July but the figures also signaled weaker employment may be on
the horizon.
 The Canadian dollar rose to C$1.0449 to the U.S. dollar, or
95.70 U.S. cents, moments after the data was released since the
headline number was better than expected. But the gains were
short-lived and the currency eventually trickled lower.
 Canadian data still due this week are June building permits
coming Thursday, and the headline report for the week, the July
jobs numbers, on Friday.
 Canadian bond prices bounced around the break-even level
for most of the session and finished mixed as events in the
United States dictated direction north of the border.
 Prices were supported early as U.S. mortgage lender Freddie
Mac (FRE.N: Quote, Profile, Research, Stock Buzz) posted its fourth consecutive quarterly loss, which
weighed on U.S. stocks. But bond prices gave back some of the
gains after a reassuring outlook from Cisco Systems helped U.S.
stocks end higher.
 "They just kind of see-sawed with U.S. equity prices,"
Guatieri said.
 The two-year bond rose 8 Canadian cents to C$101.58 to
yield 2.850 percent. The 10-year bond dipped 2 Canadian cents
to C$104.48 to yield 3.700 percent.
 The yield spread between the two-year and 10-year bond was
95.2 basis points, up from 90.8 basis points.
 The 30-year bond fell 20 Canadian cents to C$114.85 for a
yield of 4.115 percent. In the United States, the 30-year
treasury yielded 4.693 percent.
 The three-month when-issued T-bill yielded 2.53 percent,
down from 2.54 percent at the previous close.
(Editing by Peter Galloway)

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