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Tuesday September 4, 2007 - 22:49:00 GMT
Reuters - www.reuters.com

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Forex Market News - Canadian dollar gets boost from oil and equities

Canadian dollar gets boost from oil and equities
Tue Sep 4, 2007 4:58PM EDT
 By Frank Pingue
 TORONTO, Sept 4 (Reuters) - Higher North American equity
markets and a rally in oil prices helped lift the Canadian
dollar against the U.S. currency on Tuesday, but its gains were
limited ahead of a Bank of Canada rate decision on Wednesday.
 Domestic bond prices, with no Canadian data to consider,
rose slightly ahead of the much-anticipated statement from the
Bank of Canada that could offer insight on monetary policy.
 The Canadian dollar closed at C$1.0494 to the U.S. dollar,
or 95.29 U.S. cents, up from C$1.0562 to the U.S. dollar, or
94.46 U.S. cents, at Friday's close.
 Expectations for a busy hurricane season helped lift oil
prices above $75 a barrel, which is a bonus for the Canadian
dollar as Canada is a major producer and exporter of oil.
 A rally in North American equity markets also helped to
generate buying interest in the Canadian currency as it is a
sign investors are more comfortable with risky assets after the
turbulence related to global credit concerns.
 The Canadian dollar hit a session high of C$1.0481 to the
U.S. dollar, or 95.41 U.S. cents, around midday before slipping
into a tight range for the last half of the session. But it
hung on for its highest close in nearly a month.
 "When equity markets rally so does the Canadian dollar as
the market has a little bit more of an appetite for risk." said
George Davis, chief technical strategist at RBC Capital
Markets. "But with the Bank of Canada (rate decision) tomorrow
I think the market is going to be a little bit less committed
to position-taking as a result."
 A Reuters poll taken last week, after higher than expected
Canadian gross domestic product data, showed Canada's primary
securities dealers unanimously expect the Bank of Canada to
leave its key overnight steady at 4.50 percent on Wednesday.
 The market, however, will pay close attention to details of
the statement that accompanies the rate decision, as it will be
the bank's first since the the global credit crunch rattled
financial markets in August.
 "The focus will be on the accompanying statement in terms
of how the bank perceives the upheaval in capital markets and
what the potential impact could be on the growth profile of the
Canadian economy," said Davis.
 BONDS TILT HIGHER
 Bond prices moved slightly higher but with little
conviction as the domestic economic calendar was empty and U.S.
data was mostly in line with estimates.
 With no suspense around the central bank's rate decision
the market will focus on the wording of the statement to see
whether the tightening campaign that began in July will resume
in October or get delayed further.
 The central bank raised the overnight rate in July and, at
the time, said some modest further tightening may be necessary.
But that was before the global credit turmoil created increased
risks to the Canadian economy.
 "Everyone will be looking towards that balance of risk
assessment from the Bank of Canada and to what extent they will
be looking at potential problems with liquidity moving forward
versus the downside risk out of the U.S. and also upside risks
out of Canada."
 The two-year bond was flat at C$99.02 to yield 4.339
percent, while the 10-year bond rose 14 Canadian cents to
C$96.80 to yield 4.407 percent.
 The yield spread between the two-year and 10-year bond
moved to 6.8 basis points from 6.7 at the previous close.
 The 30-year bond gained 38 Canadian cents to C$109.69 to
yield 4.411 percent. In the United States, the 30-year treasury
yielded 4.835 percent.
 The three-month when-issued T-bill yielded 4.10 percent,
unchanged from the previous close.

 

 

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