Forex News - CANADA FX DEBT-C$ slips on commodities, bonds up
Thu Nov 27, 2008 5:37pm EST
* Canadian dollar slips 0.1 percent versus greenback
* U.S. markets closed for Thanksgiving Day
* Bond prices edge higher in illiquid conditions
By Cameron French
TORONTO, Nov 27 (Reuters) - The Canadian dollar eased
slightly against the U.S. dollar on Thursday as investors --
with U.S. markets closed for Thanksgiving Day -- reacted to
weaker energy and metals prices, and waited for a key economic
update from Canada's federal government.
Canadian bond prices edged higher in thin volumes.
The currency finished at C$1.2311 to the U.S. dollar, or
81.23 U.S. cents, down from C$1.2302 to the U.S. dollar, or
81.29 U.S. cents, at Wednesday's close.
Oil prices eased just under 1 percent to about $54 a
barrel, while copper and zinc prices also retreated, putting
pressure on the commodity-driven currency.
But with U.S. markets shut for Thanksgiving and market
volumes thin, analysts attributed little significance to the
"I think today's one of those days where we're just a slave
to the flows because of the holidays in the U.S.," said Steven
Butler, director of foreign exchange at Scotia Capital.
He said market players were unlikely to make large bets
ahead of the Conservative government's update, which was
released just after the Bank of Canada's official close.
In the update, the government said Canada's economy slid
into recession into the fourth quarter, but said the federal
budget should be balanced for this and the next five years.
About one hour after the update was released, the currency
was steady at C$1.2311, or 81.23 U.S. cents.
Butler said the currency has not been following domestic
economic news of late, but has been reacting to global
recession fears that have boosted the U.S. dollar as a
The Canadian dollar is down 13.6 percent since the end of
September, despite Canada's relative economic strength compared
to other industrialized nations.
In fact, the Canadian dollar has often moved in tandem with
"If the stocks can stabilize for a little while, I think
we'll start paying a little more attention to economics again
versus the crisis," said Butler.
Canadian bonds edged higher in thin trading, with the U.S.
bond market closed for Thanksgiving.
Domestic fixed-income prices often follow the lead of the
much larger U.S. market.
The Canadian overnight Libor rate LIBOR01 was 2.4417
percent, up from 2.2500 percent on Wednesday.
Wednesday's CORRA rate <CORRA=> was 2.2483 percent, up from
2.2390 percent on Tuesday. The Bank of Canada publishes the
previous day's rate at around 9 a.m. daily.
The two-year bond rose 2 Canadian cents to C$102.02 to
yield 1.718 percent. The 10-year bond gained 10 Canadian cents
to C$107.25 to yield 3.352 percent.
The yield spread between the two-year and 10-year bond was
177 basis points, down from 162.1 at the previous close.
The 30-year bond climbed 15 Canadian cents to C$118.20 to
yield 3.932 percent. In the United States, the 30-year Treasury
yielded 3.622 percent.
(Reporting by Cameron French; editing by Peter Galloway)
Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
Forex Trading News
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
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."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
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.
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.
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 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 Global-View.com.
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 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.
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.
Global-View.com 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 Global-View.com. 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.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.