Reuters: US Dollar Report: CANADA FX DEBT-C$ drifts lower as markets await Madrid move

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CANADA FX DEBT-C$ drifts lower as markets await Madrid move Sep 25th 2012, 12:23 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Tue Sep 25, 2012 8:23am EDT * C$ off slightly at C$0.9800 vs US$, or $1.0204 * Bond prices rise across the curve By Claire Sibonney TORONTO, Sept 25 (Reuters) - The Canadian dollar eased slightly against the U.S. dollar on Tuesday as uncertainty over Spain's next move to tackle its funding problems and renewed worries about global growth capped moves in riskier assets. Investors have turned cautious after a strong rally in global markets which followed new policies unveiled earlier this month by the world's major central banks to stimulate growth and support efforts by Europe to resolve its debt crisis. "I suspect that there is a need for a new trigger and a new catalyst to the upside on the euro and for risk assets, and the answer could be from Europe with the market really hoping that we get at some point soon Spain making the formal request for a bailout," said Audrey Childe-Freeman, head of foreign exchange strategy. "Until we get that I think we'll stay in a very kind of ... cautious mood in the market. And from a Canadian dollar perspective it means that we probably remain within the recent ranges." This week, Spain is expected to unveil new structural reforms and its draft budget plan for 2013. Investors also await results of stress tests on its banking sector. At 8:09 a.m. (1209 GMT), the Canadian dollar stood at C$0.9800 versus the greenback, or $1.0204, slightly weaker than Monday's North American session finish at C$0.9788, or $1.0217. Canadian retail sales data and U.S. consumer confidence figures later in the day are also expected to provide direction. Childe-Freeman said traders were still looking for a sustained move through Canadian-dollar support at C$0.9800, while resistance was seen around C$0.9730. Canadian government bond prices climbed across the curve, with the two-year bond up 2 Canadian cents to yield 1.106 percent, and the benchmark 10-year bond up 11 Canadian cents, yielding 1.804 percent. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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