Canada's dollar weakens ahead of U.S. inflation forecast

1 minute

On Monday the Canadian dollar dropped 0.2% against the greenback Loonie trades in a range of 1.2087 to 1.2125 Price of U.S. oil touches a six day high at 1.543% TORONTO, May 11 - The Canadian dollar was weakened on Tuesday, as investors turned cautious ahead of data Wednesday likely to show a jump in inflation.Global stock markets suffered a second day of sharp losses as a combination of inflation worries, lofty valuations and an anti-monopoly drive in China sent the biggest tech giants to turn around.The price of oil, one of Canada's major exports, fell on fading fears of a prolonged outage at the largest global fuel pipeline system in India while Coronavirus crisis and the sell-off in global stock markets also weighed.U.S. crude prices plunged to $63.76 a barrel, while the Canadian dollar was trading 0.2% lower at 1.2118 against the greenback, or 82.52 US cents.The currency was traded in a range between 1.2087 to 1.2125.The stock touched its most important level since September 2017, at 1.2074, bolstered by the recent surge in commodity prices and the move by the Bank of Canada to a more hawkish stance last month.BoC Governor Tiff Macklem is set to speak on Thursday on the benefits of an inclusive economy.The Canadian Treasury yields were higher across the curve and to track the move in the U.S. Treasury notes.The 10 year high % rose to its highest level since Thursday at 1.543% before dipping to 1.530%, up 1.2 basis points on the day.Whatsapp is the best way to get serious about your claim?

  • Comments
Loading comments...