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Friday June 4, 2010 - 22:27:57 GMT
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Forex Market News - CANADA FX DEBT-C$ drops as Europe, U.S. overshadow domestic data

4:33pm EDT

   * C$ weakens to 94.28 U.S. cents, down 0.8 pct on the week
 * Canada adds 24,700 jobs, unemployment rate steady
 * May U.S. payrolls report far weaker than expected
 * Hungary govt sees deficit overshoot
 * Bond prices shoot higher across curve
 (Updates to close)
 By Ka Yan Ng
 TORONTO, June 4 (Reuters) - Canada's dollar hit its lowest
point in more than a week against the U.S. currency on Friday
as intensifying concerns about the outlook for European and
global growth outweighed firm domestic jobs data.
 North American equity markets also slumped, contributing to
sinking sentiment for riskier assets, following softer than
expected U.S. job numbers and news that Hungary's finances were
in much worse shape than previously expected. [ID:nLDE6521H1]
 [ID:nN03243431] [.TO] [.N]
 "These fears in Hungary of further defaults got the markets
scared again," said Aaron Fennell, senior markets strategist at
futures brokerage Lind-Waldock.
 "It's basically been a mass exodus into the U.S. dollar
from any asset that's perceived to be risky. That seems to
include the Canadian dollar."
 The currency finished at C$1.0607 to the U.S. dollar, or
94.28 U.S. cents, down sharply from C$1.0412 to the U.S.
dollar, or 96.04 U.S. cents, at Thursday's close. The currency
was down 0.8 percent on the week.
 At one point, the currency tumbled to C$1.0626 to the U.S.
dollar, or 94.11 U.S. cents, its weakest level since May 27.
 The European worries roiled financial markets, and also
triggered a drop in the euro to its lowest in more than four
years, further exacerbating a flight from riskier assets.
 Market players looked past May Canadian job figures, which
were almost double the number expected, while other Canadian
data, building permits for April and the Ivey Purchasing
Managers' index for May, also reinforced momentum in Canada's
economic recovery. [ID:nN04104059] [ID:nN04118067]
 The jobs data also prompted analysts to predict the Bank of
Canada would come under more pressure to raise interest rates
again next month despite rocky global markets.
 "This would further suggest we could likely see another 25
basis point hike in July," said Matthew Strauss, senior
currency strategist at RBC Capital Markets.
 Yields on overnight index swaps, which trade based on
expectations for the Bank of Canada's key policy rate, showed a
53 percent chance that further tightening was in store in July.
 Canadian bond prices were firmly higher across the curve,
following U.S. Treasuries, in a flight to safety after U.S.
nonfarm payrolls rose less than forecast.
 U.S. employers created 431,000 jobs in May, the U.S. Labor
Department said, well below the 513,000 increase predicted by
analysts polled by Reuters. The U.S. jobless rate fell more
than expected to 9.7 percent from 9.9 percent in April.
[ID:nOAT004640] ECONUS
 The two-year Canadian government bond CA2YT=RR surged 29
Canadian cents to yield 1.613 percent, while the 10-year bond
CA10YT=RR gained C$1.01 to yield 3.272 percent.
 Canadian bonds outperformed U.S. Treasuries at the short
end of the curve. The Canadian two-year bond was 88.1 basis
points above the U.S. 2-year yield, down from 94.1 basis points
on Thursday.
 (With additional reporting by Jennifer Kwan; editing by
Jeffrey Hodgson)

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