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Friday October 2, 2009 - 22:10:27 GMT
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Forex Market News - CANADA FX DEBT-C$ ends higher as US dollar roiled after jobs


Fri Oct 2, 2009 5:01pm EDT
 * C$ rallies to 92.38 U.S. cents, up 0.8 pct on the week
 * Initial impact from jobs data unwinds
 * Bond prices mostly flat across curve
 By Ka Yan Ng
 TORONTO, Oct 2 (Reuters) - The Canadian dollar finished
higher versus its U.S. counterpart on Friday as the greenback
was unloaded in reaction to weak U.S. jobs data, which spurred
worry that the economy is not recovering as fast as expected.
 The Canadian currency closed at C$1.0825 to the U.S.
dollar, or 92.38 U.S. cents, up from C$1.0845 to the U.S.
dollar, or 92.21 U.S. cents, at Thursday's close.
 It fell as low as C$1.0961 to the U.S. dollar, or 91.23
U.S. cents, immediately after the data as the greenback
knee-jerked higher on safe-haven appeal.
 But that eventually gave way and the Canadian dollar
battled back throughout the session, rising as high as C$1.0790
to the U.S. dollar, or 92.68 U.S. cents.
 Job losses in the United States totaled 263,000 in
September, while the unemployment rate rose to 9.8 percent.
Markets were expecting a payrolls decline of 180,000.
  "The U.S. dollar is just getting clocked," said David
Watt, senior currency strategist at RBC Capital Markets. "It
had a bit of a rally after the payrolls number and since then
it's gone into a relatively sharp and nasty reversal pretty
much against everything."
 The Canadian dollar finished up 0.9 percent on the week
ahead of Saturday's G7 meeting in Turkey on rebalancing the
world economy, a process that would require a weaker dollar.
  But a source told Reuters on Friday that Group of Seven
policymakers are not expected to change their usual language on
currencies in a communique expected to be issued on Saturday.
 "I don't expect anything to come from this meeting," said 
Brendan McGrath, senior trader at Custom House, a currency
services firm in British Columbia.
  McGrath said he expected a period of continued U.S. dollar
weakness since the greenback has had trouble holding on to any
gains. "Having said that, the Canadian dollar's moving average
has been very flat for most of September. Although there has
been a lot of intraday volatility, it just seems sideways
trading is the name of the game," he said.
 Canadian bonds were mixed but little changed, following the
path of U.S. Treasuries, which looked past the jobs data to
next week's wave of new supply.
 In the United States, investors appeared to have
anticipated the surprisingly bad jobs report on Thursday, when
they bid up bonds in the biggest Treasuries rally in two
months, but next week's $78 billion in debt auctions gave the
market reason to take profits promptly. [US/]
 No key Canadian economic data comes out until Tuesday when
the Ivey Purchasing Managers Index report for September is due.
That will be followed by September housing starts figures on
Thursday and the more key jobs data for September on Friday.
 The two-year bond CA2YT=RR was up 1 Canadian cent at
C$99.63 to yield 1.197 percent, while the 10-year bond
CA10YT=RR slipped 5 Canadian cents to C$104 to yield 3.263
 Only the 30-year bond CA30YT=RR was substantially lower,
down 40 Canadian cents at C$119.85 to yield 3.829 percent.
 (Additional reporting by Frank Pingue; editing by Peter

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