By Commodity News Service Canada
Winnipeg – May 16/13 – CNS – The Canadian dollar was trading
at a weaker level versus the US currency in late North American
activity on Thursday. The downswing in the Canadian currenc was
linked in part to soft US economic data and the general absence
of risk taking by investors, market watchers said.
The Canadian currency late in the afternoon was quoted at
C$1.0188 (98.15 US cents). This compares with Wednesday’s late
North American quote of C$1.0172 (98.31 US cents).
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Consumer prices in the US fell more than expected in April,
housing starts plunged more than forecast in the same month, and
weekly jobless claims rose.
The data raised doubts about the vigor of the US recovery,
and suggested the US Federal Reserve could maintain its policy of
quantitative easing for a considerable period of time, analysts
said.
In Canadian data, foreigners acquired a net 1.19 billion
Canadian dollars ($1.17 billion) of Canadian securities in March,
versus the sale of a revised C$6.28 billion in February.
Meanwhile, Canadian investors–led by pension
funds–continued their buying spree abroad, accumulating a net
C$3.81 billion in foreign securities in March, driven by
purchases of Asian equities.
Inflation data for April will be released Friday morning.
Canadian bonds ended on a firmer footing along the yield
curve on Thursday following the uptrend established in US
Treasurys, market watchers said.
Canada’s two-year bond yield was at 1.013% Thursday, from
1.032% late Wednesday. The 10-year bond yield was at 1.888%, from
1.925%. Bond yields move inversely to bond prices.
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