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Monday October 29, 2007 - 21:11:12 GMT
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Forex Market News - Canadian dollar ends up, touches 47-year high


Mon Oct 29, 2007 5:05pm EDT
 By Frank Pingue
 TORONTO, Oct 29 (Reuters) - The Canadian dollar rose
against the U.S. currency on Monday but closed off the 47-year
high it reached earlier in the session, boosted by commodity
prices and a slumping greenback ahead of a U.S. rate decision
this week.
 Domestic bond prices, with no key Canadian economic data to
influence a move, finished higher to reclaim a portion of
recent losses.
 The Canadian currency closed at US$1.0496, which meant that
a U.S. dollar was worth 95.27 Canadian cents, up from Friday's
close of US$1.0393, or 96.22 Canadian cents.
 During the session the currency rose to US$1.0509, or 95.15
U.S. cents, due to a faltering greenback as the market started
to contemplate more rate cuts by the U.S. Federal Reserve on
top of a widely expected 25 basis point cut on Wednesday.
 The U.S. central bank cut its key fed funds rate by 50
basis points to 4.75 percent in September, at a time when the
market was divided over the size of its cut.
 Also supporting the commodity-linked Canadian dollar was a
rise in oil prices to a record near $94 a barrel and a 28-year
high in spot gold prices near $800 an ounce.
 "You've got an environment that has the Canadian dollar
rising on the back of broad-based U.S. dollar weakness ahead of
the Fed decision on Wednesday," said Jack Spitz, director of
foreign exchange at National Bank Financial.
 "After September's 50 basis point cut, I think everything
is on the table ... and at this point in time, given the data
that we've seen, I would not at all be surprised to see another
50 (basis point cut)."
 If the Canadian dollar tops the US$1.0614 level of August
1957, it will mark its highest level versus the greenback in
almost 130 years. The Canadian dollar has climbed more than 22
percent so far this year.
 Apart from the Fed decision, there is a slew of economic
data, including Canadian and U.S. October employment figures,
that could trigger a significant move in currency markets.
 Bond prices finished higher ahead of the key North American
data and were also helped by talk of a possible 50 basis point
cut by the Fed.
 Higher finishes on North American stock markets and big
gains in overseas equities markets kept a lid on the gains in
bond markets, which often move inversely to equities.
 The two-year bond rose 5 Canadian cents to C$100.29 to
yield 4.105 percent, while the 10-year bond gained Canadian 10
cents to C$97.87 to yield 4.272 percent.
 The yield spread between the two-year and 10-year bond
moved to 16.7 basis points from 15.8 at the previous close.
 The 30-year bond increased 13 Canadian cents to C$110.87 to
yield 4.343 percent. In the United States, the 30-year treasury
yielded 4.668 percent.
 The three-month when-issued T-bill yielded 3.99 percent, up
from 3.96 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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