Reuters: US Dollar Report: CANADA FX DEBT-C$ steady vs firmer US$; Fed and BOC's Poloz in focus

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CANADA FX DEBT-C$ steady vs firmer US$; Fed and BOC's Poloz in focus Jun 17th 2013, 13:47 Tweet Share this Email Print Mon Jun 17, 2013 9:47am EDT * C$ at C$1.0165 vs US$, or 98.38 U.S. cents * Equity markets recoup some of last week's losses * Federal Reserve and Bank of Canada in focus this week * Bond prices higher across maturity curve By Solarina Ho TORONTO, June 17 (Reuters) - The Canadian dollar held steady against a stronger U.S. counterpart on Monday, with investor appetite for riskier assets returning ahead of the Federal Reserve's latest policy statement later this week. Global equity markets recouped some of last week's losses overnight, with investors hoping that the Fed will offer a more cautious tone to reining in stimulus when it concludes a two-day meeting on Wednesday. "We had some better risk sentiment overnight ... It kind transpired in the European session, where you're seeing equities up across the board. That's providing a more positive backdrop for the Canadian dollar," said Charles St-Arnaud, an economist and currency strategist at Nomura Securities in New York, who also noted a very modest increase in commodity prices. "Not major, but it's a move in the right direction at least to support the Canadian currency." The Canadian dollar, which was trading in a narrow 29-point range between C$1.0150 and C$1.0179, was trading at C$1.0165 versus the greenback, or 98.38 U.S. cents at 9:30 a.m. (1330 GMT). This was little changed from its Friday close at C$1.0169, or 98.34 U.S. cents. The Canadian dollar was mostly stronger against other currencies but underperforming its Australian and New Zealand commodity counterparts. Nomura said most of the currency market is expected to relatively quiet until the Fed on Wednesday. The Bank of Canada's new head, Stephen Poloz, will be giving his first official speech on Wednesday, which is also likely to garner scrutiny as the market tries to pin the governor's policy stance. Poloz made his first public appearance two weeks earlier in front of parliament. Separately, data on Monday showed that foreign investors had an increased appetite for Canadian securities in April, adding C$14.91 billion to their portfolios compared with C$956 million in March. Government bond prices rose across the maturity curve, with the two-year bond up half a Canadian cent to yield 1.107 percent, and the benchmark 10-year bond up 4 Canadian cents to yield 2.116 percent. Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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