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Thursday October 8, 2009 - 20:46:40 GMT
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Forex Market News - CANADA FX DEBT-C$ hits 1-year high; focus turns to jobs data


Thu Oct 8, 2009 4:39pm EDT
 * C$ touches C$1.0506 to the U.S. dollar
 * Robust commodities whet appetite for currency risk
 * Bond prices lower across curve, follow U.S.
 * Market focus turns to Friday's Canada jobs data
 (Updates figures to close, adds details and quotes)
 By Jennifer Kwan
 TORONTO, Oct 8 (Reuters) - Canada's dollar zoomed to a
one-year high against the U.S. currency on Thursday as
commodity and equity prices rose on upbeat economic data that
lifted optimism for recovery and whetted the market's appetite
for risk.
 The currency raced as high as C$1.0506 to the U.S. dollar,
or 95.18 U.S. cents, its highest level since Sept. 30, 2008.
The underlying catalyst on Thursday was Australian employment
data that rose past expectations. [ID:nSYD431125]
 "That sentiment was carried through to North America," said
Brendan McGrath, senior trader at Custom House.
 "It's positive sentiment. Risk is back in the market again
today. As a result, commodities are up, equities are up and you
can bet when that happens the Canadian dollar will be (up)
 That news followed the Reserve Bank of Australia's
interest-rate increase earlier this week, which made it the
first G20 central bank to raise rates following the wave of
rate cuts that accompanied the onset of the recession. The
market took this as a sign of improved economic conditions, and
the move sparked speculation about which central bank would be
next in line. [ID:nSYD520296]
 "We obviously don't think that the Bank of Canada is moving
on rates any time soon but it does show that central banks are
starting to get back into that tightening mode and reaffirms
the improved risk appetite," said Shane Enright, executive
director, foreign exchange sales at CIBC World Markets.
 Helping drive Canada's currency higher was a rise in oil
prices above $71 a barrel and soaring gold prices XAU=, which
hit a record high for a third successive session, climbing
above $1,060 an ounce. [GOL/] [O/R]
 The Canadian dollar finished at C$1.0522 to the U.S.
dollar, or 95.04 U.S. cents, up from C$1.0624 to the U.S.
dollar, or 94.13 U.S. cents, at Wednesday's close.
 The upbeat tone was supported by U.S. jobs data that
suggested stabilization in the labor market and helped to boost
North American stock markets. [.N] [.TO]
 Markets are awaiting Friday's September jobs data, with the
report expected to show the Canadian economy created 5,000 jobs
in September. [ID:nN07480164]
 Experts said the report could be a major mover for the
Canadian currency. If the numbers prove to be better than
expected, the Canadian dollar could continue its ascent and
pierce the C$1.0500 level.
 Canadian bond prices were lower across the curve alongside
the bigger U.S. Treasury market, which turned negative after a
poorly received 30-year bond auction, stoking concerns about
waning appetite for big government issues. [US/]
 The market will shift its focus to Friday's jobs numbers,
though activity is expected to muted due to the long weekend,
said Sheldon Dong, fixed income analyst at TD Waterhouse
Private Investment. Monday is Thanksgiving Day in Canada.
 The two-year CA2YT=RR bond fell 17 Canadian cents to
C$99.49 to yield 1.496 percent, while the 10-year bond
CA10YT=RR sank 70 Canadian cents to C$103.15 to yield 3.364
 The Canadian market notched a mixed performance against
U.S. Treasuries, with the 10-year Canadian yield about 11 basis
points above the U.S., up from around nine basis points on
Wednesday. The 30-year Canadian yield was about 19 basis points
below the U.S., against 16.3 basis points below on Wednesday.
 (Reporting by Jennifer Kwan; editing by Peter Galloway)

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