Reuters: US Dollar Report: CANADA FX DEBT-C$ weakens slightly, pressured by overseas data

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CANADA FX DEBT-C$ weakens slightly, pressured by overseas data Apr 23rd 2013, 12:21 Tweet Share this Email Print Related Topics Currencies » Bonds News » Bonds » Markets » Tue Apr 23, 2013 8:21am EDT * C$ at C$1.0276 vs US$, or 97.31 U.S. cents * German and Chinese data sparks concerns about global economy * Canadian retail sales data expected at 8:30 a.m. * Bond prices rise across curve By Solarina Ho TORONTO, April 23 (Reuters) - The Canadian dollar was weaker against its U.S. counterpart on Tuesday, pressured in part by data that showed China's factory activity slowed and by a general bias toward risk aversion following weak German data. German PMI data showed a sharp drop in the country's business activity, fanning concerns about the euro zone economy, while growth in China's vast factory sector also dipped in April as new export orders shrank, suggesting China still faces formidable global headwinds in the second quarter. "It's remarkably tightly ranged in the short term. It does feel that we have a cautious top side bias," said Jeremy Stretch, head of foreign exchange strategy at CIBC World Markets in London. "You could partly attribute that to the backwash from the Chinese PMI data ... There's certainly a bias toward slightly more risk aversion earlier in the session in the wake of the German manufacturing PMI numbers." At 8:06 a.m. (1206 GMT), Canada's dollar was trading at C$1.0276 versus the U.S. dollar, or 97.31 U.S. cents. This was slightly weaker than its North American finish on Monday at C$1.0261, 97.46 U.S. cents. A reasonable degree of top side interest was likely containing the currency from pushing through C$1.03, said Stretch, but added the Canadian dollar could test the C$1.0295 level in the near term. The currency was mixed against other major currencies and trading within a narrow range against the U.S. dollar, between CC$1.0252 and C$1.0285. Stretch said opportunities for the currency were mostly outside of the USD/CAD space. Canadian retail sales are due at 8:30 a.m. and will be the key domestic economic data for this week. Canadian government bond prices were higher across the curve, with the two-year bond up 1.5 Canadian cents with a yield of 0.937 percent, while the benchmark 10-year bond climbing 15 Canadian cents to yield 1.695 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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