Reuters: US Dollar Report: CANADA FX DEBT-C$ weakens as central banks buoy greenback

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CANADA FX DEBT-C$ weakens as central banks buoy greenback Aug 1st 2013, 13:50 Tweet Share this Email Print Thu Aug 1, 2013 9:50am EDT * C$ at C$1.0303 vs US$, or 97.06 U.S. cents * Big event risk has passed, giving greenback momentum * Eye on U.S. jobs data on Friday * Canadian debt prices mixed By Andrea Hopkins TORONTO, Aug 1 (Reuters) - The Canadian dollar weakened slightly against the U.S. dollar on Thursday as stocks, oil and the greenback rose worldwide after central banks in Europe joined the Federal Reserve in leaving policy unchanged to support a tentative recovery in the global economy. The European Central Bank and the Bank of England both ended their latest policy meetings by leaving rates at record lows, a day after the Fed said the U.S. economy still needed its support and avoided any mention of a change to its stimulus program. The promise of abundant liquidity came as data for July revealed industrial activity picking up in the euro zone for the first time in two years, greater stability in China's vast factory sector and a surge in British production. "So far having the risks off the table of U.S. GDP, FOMC, ECB, Bank of England - all of that is allowing the old trend to re-emerge," said Camilla Sutton, chief currency strategist at Scotiabank. At 9:38 a.m. EDT (1338 GMT), the Canadian dollar was at C$1.0303 versus the U.S. dollar, or 97.06 U.S. cents, down from Wednesday's North American session close at C$1.0272 versus the U.S. dollar, or 97.35 U.S. cents. Sutton said she expects the Canadian dollar to trade within a range of C$1.0247 to C$1.0340 on Thursday. Markets will now turn their focus to U.S. nonfarm payrolls for July, which are due out on Friday. A survey of analysts polled by Reuters expect employers to have added some 184,000 jobs in July, which would suggest the economy is strong enough to allow the Fed to begin ending its program of quantitative easing. "Tomorrow's nonfarm is really the next and final big event and I think that is the one that really matters. If nonfarm comes in at least close to expectations or close to 200,000, it will drive expectations for tapering in September," Sutton said. Government bond prices were mixed across the maturity curve. The two-year bond was down 3 Canadian cents to yield 1.168 percent, while the benchmark 10-year bond fell 56 Canadian cents to yield 2.520 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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