Reuters: US Dollar Report: CANADA FX DEBT-C$ firms but investors cautious before Fed remarks

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CANADA FX DEBT-C$ firms but investors cautious before Fed remarks Oct 30th 2013, 13:40 Tweet Share this Email Print Reprints Related Topics Currencies » Bonds News » Bonds » Markets » Wed Oct 30, 2013 9:40am EDT * C$ at C$1.0447 vs US$, or 95.72 U.S. cents * Fed to release statement at 2:00 pm * Canadian bond prices mixed across the curve By Leah Schnurr TORONTO, Oct 30 (Reuters) - The Canadian dollar strengthened against the greenback on Wednesday, regaining some ground after hitting a 1-1/2-month low but investors were cautious ahead of a policy statement from the U.S. Federal Reserve due later in the day. The Fed is expected to stay the course with its massive bond-buying program but investors will be looking for the central bank's assessment of the economy after recent signs that the U.S. economic recovery has lost some momentum. Any insight on the impact the recent U.S. partial government shutdown has had on the outlook for the economy will also be closely watched. "The market is very hungry for a little bit clearer indication on what the Fed is thinking on quantitative easing at this point," said Greg Moore, FX strategist at TD Securities in Toronto. The Canadian dollar was at C$1.0447 versus the greenback, or 95.72 U.S. cents, stronger than Tuesday's close of C$1.0470, or 95.51 U.S. cents. The loonie hit its lowest level since early September earlier in the session. The Fed is currently buying $85 billion a month in bonds to keep borrowing rates low and boost the economy. The central bank caught markets off guard with its last policy decision in September when the Fed maintained that amount rather than reducing it as had been expected. The Canadian dollar touched a three-month high following that announcement, but has weakened since. Wednesday's Fed decision will not be followed by a press conference from Chairman Ben Bernanke, which means there isn't much opportunity for the central bank to provide the clarity markets are looking for, said Moore. The Fed will release its statement at 2:00 pm ET (1800 GMT). "The market will be digging into every subtle change to the statement, so there is definitely potential for a move this afternoon," Moore said. Canadian government bond prices were mixed across the maturity curve. The two-year bond rose 0.3 of a Canadian cent to yield 1.090 percent, and the benchmark 10-year bond added 6 Canadian cents to yield 2.403 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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