Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Canadian dollar steadies as U.S. data helps calm investor nerves

10/29/2020 | 02:44pm EST
A Canadian dollar coin, commonly known as the

TORONTO (Reuters) - The Canadian dollar was little changed against its broadly stronger U.S. counterpart as stronger-than-expected U.S. data offset worries about rising coronavirus infections, with the currency rebounding from an earlier four-week low.

The Canadian dollar was trading nearly unchanged at 1.3315 to the greenback, or 75.10 U.S. cents. The currency touched its weakest intraday level since Sept. 30 at 1.3389.

The U.S. data "may have given the loonie some reason to rally off its lows from earlier this morning," said Michael Goshko, corporate risk manager at Western Union Business Solutions.

Data showed the U.S. economy grew at a record pace in the third quarter and that weekly unemployment claims fell last week, helping Wall Street rebound after a more than 3% slide a day earlier. Canada sends about 75% of its exports to the United States, including oil.

U.S. crude oil futures settled 3.3% lower at $36.17 a barrel on the potential impact renewed coronavirus lockdowns will have on crude demand, while the safe-haven U.S. dollar climbed against a basket of major currencies.

It was helped by pressure on the euro after the European Central Bank president flagged further monetary easing in December.

Bank of Canada Governor Tiff Macklem sees the benefit of sticking with increased government spending to support an economy that has been hammered by the COVID-19 crisis, even as the central bank keeps some of its own firepower in reserve.

Canada's GDP data for August is due on Friday. Analysts expect the economy to have expanded by 0.9% from July.

Canadian government bond yields rose across a steeper curve in sympathy with U.S. Treasuries. The 10-year was up 4.3 basis points at 0.639%.

(Reporting by Fergal Smith; Editing by Jonathan Oatis and Hugh Lawson)

By Fergal Smith


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.13% 47.86 Delayed Quote.-28.42%
WESTERN UNION COMPANY -1.24% 22.32 Delayed Quote.-16.65%
Latest news "Economy & Forex"
06:33aGrab tells staff it's 'in a position to acquire' after Gojek merger report
RE
06:31aTESCO BOSS CALLS ON UK : give us greater post-Brexit border clarity
RE
06:28aReactions to new U.S. audit law that could see Chinese firms kicked off U.S. exchanges
RE
06:28aTrump expected to sign bill that could delist Chinese companies, White House says
RE
06:16aPhilippines sees deeper-than-expected economic contraction in 2020
RE
06:15aCIBC quarterly profit slumps on U.S. commercial banking weakness
RE
06:11aGaps to bridge in Brexit talks still 'substantial' - EU diplomat
RE
06:10aCovid-19 Drags on Europe's Economies as Asia's Recovery Continues
DJ
06:03aEuro zone retail sales rebound more than expected in October
RE
05:57aChina will step up supervision of rental housing market - Vice Premier
RE
Latest news "Economy & Forex"