By Commodity News Service Canada
Winnipeg – February 6/13 – CNS – The Canadian dollar was
trading at a firmer level versus the US currency in late North
American activity on Wednesday. Small investor interest helped to
provide enough momentum in the Canadian for a small upswing in
value, market watchers said.
Activity uin the currency sector was on the quiet side with
participants taking to the sidelines to await the outcome of
several European central bank developments.
The Canadian currency late in the afternoon was quoted at
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North American quote of C$0.9962 (100.38 US cents).
The Canadian dollar did managed to hold slightly above
parity for the third-straight day with few major data or
developments to influence its direction.
The euro will remain the focus on currency markets on
Thursday with policy rate announcements from the European Central
Bank and the Bank of England, which will help to drive the
Canadian dollar.
The British pound will also be closely watched with the
incoming Bank of England Governor Mark Carney set to give
testimony to UK lawmakers Thursday.
Canadian bonds posted advances along the yield curve on
Wednesday with a small pick up in safe-haven assets linked to the
Canada’s two-year bond yield is at 1.157% Wednesday, from
1.170% Tuesday. The 10-year bond yields 1.988%, from 2.017%,
still close to levels last seen in April. Bond yields move
inversely to bond prices.
A strong reading of the Ivey purchasing managers index for
January helped to trim bond prices ahead of an auction of
three-year issue. The index was well above expectations with a
reading at 58.9, ahead of 52.8 in the prior month.
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