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Wednesday May 26, 2010 - 21:05:40 GMT
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Forex Market News - CANADA FX DEBT-C$ edges higher, encouraged by oil, stocks (RTRS)

4:58pm EDT

 * Canadian dollar closes at 93.58 U.S. cents
 * Bonds fall at short end of curve
 * Market prices in probability of June 1 rate hike
 By Claire Sibonney
 TORONTO, May 26 (Reuters) - The Canadian dollar climbed
against the U.S. currency on Wednesday as investors piled back
into riskier assets, including stocks and oil, but it pared
gains late in the day as optimism about the global economy
waned.
 The Canadian dollar jumped more than a cent to hit a
session high of C$1.0580, or 94.52 cents, early in the day as
North American equities rallied and the price of oil leaped
over $71 a barrel, its biggest gain in three months. [.N] [.TO]
[O/R]
 Adding impetus was a newspaper report that said the
Australian government is planning to dampen the impact of its
planned resources tax by lifting the threshold at which it
would kick in. That would be good news for mining shares and
commodity-linked currencies such as Canada's. [ID:nLDE64P228]
 But the Canadian dollar weakened as the day progressed as
stocks reversed course after the Financial Times reported China
was reviewing its euro-zone debt holdings, which brought
European debt jitters back to the fore. [ID:nWNA2135].
 "It was higher ... when the news came out about Australia
rethinking its mining tax, Canada rallied quite aggressively
but really it's been moving hand in hand with equities
generally," said Firas Askari, head of foreign exchange trading
at BMO Capital Markets.
 The Canadian dollar closed the North American session at
C$1.0686 to the U.S. dollar, or 93.58 U.S. cents, up from
Tuesday's close of C$1.0700 to the U.S. dollar, or 93.46 U.S.
cents.
 The Canadian dollar did better on the crosses, Askari said.
It held near multi-year highs against the euro, rising as high
as C$1.2958, or 77.17 euro cents.
 On Tuesday, the Canadian dollar fell to its lowest mark in
almost seven months in a broad global selloff of riskier assets
amid growing concern about Europe's debt crisis and the
prospect of a Korean military conflict.
 In a note to clients on Wednesday, RBC Capital Markets'
chief technical strategist, George Davis, said the currency
had to break C$1.0525 to show the weakening trend is losing
momentum.
 Recent volatility afflicting financial markets has spurred
debate whether the Bank of Canada will start raising interest
rates on June 1, its next scheduled policy setting date.
 "The recovering risk appetite keeps the door open to a Bank
of Canada rate hike next week, that's supportive of the
Canadian dollar," said Fergal Smith, managing market strategist
at Action Economics.
 The expectations of a central bank rate increase, reflected
in yields on overnight index swaps, are tilted slightly toward
a 25 basis point hike in Canadian interest rates next week.
<BOCWATCH>
 BONDS LOSE AT SHORT END
 Canadian bonds mostly fell, tracking U.S. Treasuries, which
were weighed down as renewed risk appetite and strength in
stocks eroded the safe-haven appeal of government debt. [US/]
 The two-year government bond <CA2YT=RR> dropped 7 Canadian
cents to C$99.76 to yield 1.622 percent, but the 10-year bond
<CA10YT=RR> clawed back from losses to gain 2 Canadian cents to
C$101.100 to yield 3.253 percent.
 However, Canada's auction of 30-year real return bonds met
with tamer demand than usual as investors, fearing Europe's
debt crisis will dampen global growth, shied away from
lower-yielding but inflation-protected government debt.
[ID:nN26213207]
 With a rate hike still being priced in near term, Canadian
bonds lagged U.S. Treasuries at the short end of the curve, but
outperformed at the long end.
 Bond prices, particularly for shorter-term issues, tend to
fall when interest rates go up as their fixed coupon payments
seem less lucrative than rising yields on other investments.
 "In periods of risk aversion, the front of the Canadian
curve has outperformed because the market has been backing out
of Canadian rate hikes," Smith said. "We've had a bit of an
unwind of the flight to quality today."
 The Canadian 10-year bond was 6.7 basis points above the
U.S. 10-year yield, compared with 9.5 basis points above on
Tuesday.
 (Reporting by Claire Sibonney; editing by Peter Gallowa

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