By Commodity News Service Canada
WINNIPEG, June 27 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Monday morning, still struggling along with the market with the aftermath of Britain’s shock vote to leave the European Union.
European bank shares were on track for their biggest two-day fall ever on Monday as sterling fell to a 31-year low against the US dollar.
Moves were not as extreme as on Friday when stocks fell by their most in almost five years. Investors continue to seek safe havens such as yen, gold and core government debt.
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The market was caught off guard on Thursday when Britain, which was expected to vote to remain in the EU, voted in favour of a Brexit, sending the world stocks into turmoil.
A European Central Bank (ECB) forum panel that included US Federal Reserve Chair Janet Yellen was cancelled on Monday, adding a little extra support to the Canadian dollar. Yellen, along with Bank of England Governor Mark Carney and ECB President Mario Draghi, were expected to answer tough questions in the Brexit aftermath.
At 8:50 CDT Monday, the Canadian dollar was at US$0.7677 or US$=C$1.3026, which compares with Friday’s North American close of US$0.7693 or US$1=C$1.2999.
The TSX was down 160.54 points, or 1.16 per cent, at 8:50 CDT Monday morning to sit at 13,731.34.
