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Thursday September 27, 2007 - 21:10:04 GMT
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Forex Market News - Canadian dollar rallies on oil prices and weak US$

Canadian dollar rallies on oil prices and weak US$

Thu Sep 27, 2007 4:59pm EDT
 By Frank Pingue
 TORONTO, Sept 27 (Reuters) - The Canadian dollar finished
higher against the U.S. dollar on Thursday as oil prices jumped
sharply and weak U.S. housing data weighed on the greenback.
 Canadian bond prices, with no domestic data to consider,
followed U.S. treasuries to a higher close as the weak housing
data supported expectations of another rate cut by the U.S.
Federal Reserve.
 The Canadian dollar closed at C$1.0014 to the U.S. dollar
or 99.86 U.S. cents, up from C$1.0042 to the U.S. dollar, or
99.58 U.S. cents, at Wednesday's close.
 Anticipation for weak U.S. data helped boost the Canadian
dollar as high as C$0.9981 to the U.S. dollar, or US$1.0019,
early in the session.
 The Canadian dollar hit parity for the first time since
1976 last week and has traded around that level since then.
 A chunk of the early gains were handed back as U.S. data
did not come in as weak as had been rumored just ahead of their
release. New U.S. home sales fell 8.3 percent in August.
 "The market was positioning itself for a bad number ... it
was released, it was poor, but not as poor as the whisper
number would have you believe," said Jack Spitz, director of
foreign exchange at National Bank Financial.
 "It's still a U.S. dollar selling environment and the
Canadian dollar continues to be a currency of choice amid the
risk appetite that is in the global market right now."
 Oil prices rose sharply to $83 a barrel and helped support
the Canadian dollar's rise as Canada is a major producer and
exporter of oil. Its currency often follows oil prices.
 During the session, Canada's Conservative government
reported a budget surplus of more than C$13 billion for a
second straight year and said paying down debt would remain its
top priority.
 The announcement offered a brief lift to the Canadian
currency before it retreated to a session low of C$1.0045 to
the U.S. dollar, or 99.55 U.S. cents. It then rallied slightly
before entering a tight range for the final hours of the North
American session.
 Canadian bond prices took their cue from the bigger U.S.
treasuries market, which they often do when the domestic
economic calendar is bare, and finished higher.
 The weak data have many investors expecting that the U.S.
Federal Reserve will lower its federal funds rate by a quarter
point next month. Last week, the Fed cut its key rate by 50
basis points to 4.75 percent.
 The Bank of Canada decided to leave C$827 million in its
Large Value Transfer System overnight on Thursday and said it
plans to leave C$300 million in the system on Friday.
 That follows a string of more than a week where the bank
had left C$150 million in its Large Value Transfer System.
 "It's just a sign that there are still liquidity problems
out there," said Max Clarke, economist at IDEAglobal in New
York. "But for the particular reason that it happened I can't
tell you."
 Also on the domestic data front, figures for July gross
domestic product, August industrial producer prices and raw
materials will be released on Friday.
 The two-year bond rose 1 Canadian cent to C$100.18 to yield
4.159 percent, while the 10-year bond jumped 15 Canadian cents
to C$96.92 to yield 4.393 percent.
 The yield spread between the two-year and 10-year bond
moved to 23.4 basis points from 24.4 at the previous close.
 The 30-year bond gained 44 Canadian cents to C$108.76 to
yield 4.464 percent. In the United States, the 30-year treasury
yielded 4.833 percent.
 The three-month when-issued T-bill yielded 4.02 percent,
down from 4.05 percent at the previous close.

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