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
Domestic bond prices, with no key Canadian economic data to
influence a move, finished higher to reclaim a portion of
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 journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Actionable trading levels delivered to YOUR charts in real-time.
Tue 31 July 2018 AA JP- Bank of Japan A 06:00 DE- Retail Sales A 09:00 EZ- flash HICP/GDP AA 12:30 US- Core PCE Deflator A 14:00 US- CB Consumer Confidence Wed 1 Aug 2018 A Final Mfg PMIs AA 12:15 US- ADP Private Payrolls A 15:00 US- EIA Crude AA 18:00 US- Federal Reserve Decision Thu 2 Aug 2018 AA 11:00 GB- Bank of England Decision A 13:30 US- Weekly Jobless Fri 3 Aug 2018 A Final Services PMIs AA 12:30 US- Employment A 12:30 US/CA- Trade
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.