User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday October 8, 2008 - 21:03:07 GMT
Reuters -

Share This Story:
| | Email

Forex Market News - Canada dlr below 90 US cents as more rate cuts seen

Wed Oct 8, 2008 4:39pm EDT
 * Canadian dollar falls 1.4 percent versus the greenback
 * Bank of Canada cuts key rate 50 basis points to 2.5 pct
 * Bonds mixed with short end reflecting more rate cuts
 By John McCrank and Jennifer Kwan
 TORONTO, Oct 8 (Reuters) - The Canadian dollar lost more
ground against the U.S. dollar on Wednesday, falling below 90
U.S. cents for the first time since April 2007, as investors
bet the Bank of Canada would slash interest rates again later
this month.
 So far this week the currency has dropped 3.7 percent on
top of last week's 4.5 percent slide.
 Bond prices were mixed, with the short end reflecting
market expectations of lower central bank rates.
 The Canadian dollar ended the North American session at
C$1.1229 to the U.S. dollar, or 89.06 cents, down from C$1.1073
to the U.S. dollar, or 90.31 cents, at Tuesday's close.
 The Bank of Canada, along other major central banks around
the world, cut its key lending rate on Wednesday in an attempt
to help shore up investor confidence and get credit flowing.
 The surprise rate cut, which brings the bank's key rate
down by 50 basis points to 2.50 percent, comes ahead of its
scheduled interest rate announcement on Oct. 21. See
 "The perception in the market is that the Bank of Canada
has some more rate cuts to go," said Michael Gregory, senior
economist at BMO Capital Markets, noting that could lead to
more Canadian dollar weakness.
 After the coordinated rate cuts, Thomson Reuters data
showed the market pricing in a 71 percent probability of a 25
basis point cut to the Bank of Canada's overnight rate later in
the month, and a 29 percent chance of a 50 basis point cut.
  The outlook for the U.S. economy, which the International
Monetary Fund said is on the brink of recession, added to the
downward pressure on Canada's currency.
 "The U.S. is in dire shape and that is going to hurt
Canada," he added.
 The U.S. economy takes in over three-quarters of Canadian
 But the financial turmoil is not confined to North America,
and with global growth receding, so too is demand for
commodities, which is yet another blow to the prospects of the
Canadian dollar.
 Oil and other natural resources make up around half of
Canada's exports.
 Bond prices were mixed, with the short end higher,
reflecting expectations of more Bank of Canada easing, and the
long end following the U.S. market lower on rising U.S. debt
 "Initially, with the equities moving lower you had a flight
to safety in the fixed-income markets but then the market
started to reflect concern about potential increases in
government debt, and that then resulted in yields being bid up
in U.S. markets," said Paul Ferley, assistant chief economist,
Royal Bank of Canada.
 "Those trends have tended to spill over to Canadian
 Bond yields and prices move in opposite directions.
 The safe-haven bid that has been a boon to bond markets in
recent weeks is likely to continue over the next few months,
said BMO's Gregory.
 "At the margin, this (coordinated central bank action) will
help, but whether this is a panacea, no way. No way," he said.
 "From an economic standpoint, or a volatility standpoint,
there's probably more of a rough ride ahead before things start
to stabilize."
 The yield on the two-year bond, with most closely reflects
market expectations of future interest rate levels, earlier
touched its lowest point in decades, below 2.1 percent.
 The two-year bond ended up 21 Canadian cents to C$101.20 to
yield 2.173 percent. The 10-year bond slipped 63 Canadian cents
to C$105.35 to yield 3.587 percent.
 The yield spread between the two-year and the 10-year bond
rose to 133 basis points from 116 basis points at the previous
The 30-year bond dropped C$1.25 to C$114.35 to yield 4.139
percent. In the United States, the 30-year Treasury yielded
4.076 percent.
 The three-month when-issued T-bill yielded 1.55 percent, up
from 1.45 percent at previous close.
(Editing by Peter Galloway)

© Thomson Reuters 2008. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.


Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought.

We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.

Forex News

The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.

Currency Trading

Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by

Forex Brokers

The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.

Forex Trading

Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.

FX Trading

Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.

Forex Blog also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105