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Thursday October 11, 2007 - 21:03:31 GMT
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Forex Market News - Canadian dollar rallies around higher oil prices


Thu Oct 11, 2007 4:59pm EDT
 By Frank Pingue
 TORONTO, Oct 11 (Reuters) - The Canadian dollar finished
higher against the greenback on Thursday due mainly to a sharp
jump in oil prices that lifted the currency to a multi-decade
high midway through the session.
 Domestic bond prices closed higher on the short end of the
curve, mirroring a move in the bigger U.S. treasuries market,
given the lack of any key Canadian data to set the tone.
 The Canadian dollar closed at 97.63 Canadian cents to the
U.S. dollar, or US$1.0242, up from Wednesday's session close of
98.02 Canadian cents to the U.S. dollar, or US$1.0202.
 During the session the Canadian dollar managed to climb to
97.28 Canadian cents to the U.S. dollar, or US$1.0279, which
marked its highest level since November 1976.
 While ongoing weakness in the U.S. currency opened the door
to a higher Canadian dollar, the bulk of the domestic
currency's latest rise was credited to U.S. oil futures, which
climbed 2 percent to settle above $83 a barrel.
 "U.S. dollar bearishness is spreading over to bullish
support for commodities and could be partly why we are having
such a strong run," said David Watt, senior currency strategist
at RBC Capital Markets.
 U.S. dollar weakness has been attributed to concern about
another U.S. Federal Reserve rate cut, given the uncertainty
about the U.S. outlook and fear that the world's largest
economy could bear the brunt of a global credit crisis.
 Watt said he was not surprised that the Canadian dollar has
continued to rise since hitting parity with the U.S. currency
two weeks ago, but he did suggest the speed of the appreciation
has caught him off guard.
 "It looks like an environment where people just do not want
to be stuck holding the U.S dollar," said Watt.
 With no Canadian data set for release on Friday, further
moves in oil and commodity prices will likely determine the
direction of the currency until the Bank of Canada's rate
announcement and accompanying statement on Oct. 16.
 In a Reuters poll conducted on Thursday, Canada's primary
dealers unanimously forecast the central bank will leave
interest rates steady next week, while most expect no change in
monetary policy through January.
 Canadian bond prices rallied on the short end of the curve
as the absence of any key domestic data ahead of next week's
Bank of Canada rate announcement allowed U.S. treasuries to
dictate the direction.
 Figures that showed Canada's August trade surplus widened
more than expected and new home prices data that came in lower
than forecast did not have any noticeable impact on bond prices
as the numbers were not far from estimates.
 The Bank of Canada decided to leave C$500 million in the
Large Value Transfer System overnight on Thursday and said it
plans to leave another C$500 million in the system on Friday.
 The two-year bond rose 10 Canadian cents to C$99.85 to
yield 4.321 percent, while the 10-year bond rose 6 Canadian
cents to C$96.59 to yield 4.439 percent.
 The yield spread between the two-year and 10-year bond
moved to 11.8 basis points from 8.0 at the previous close.
 The 30-year bond fell 28 Canadian cents to C$108.67 to
yield 4.466 percent. In the United States, the 30-year treasury
yielded 4.872 percent.
 The three-month when-issued T-bill yielded 4.03 percent,
down from 4.06 percent at the previous close.

© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


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