By Commodity News Service Canada
WINNIPEG, March 13 – The Canadian dollar strengthened relative to the US dollar Thursday, lifted by the advances seen in currencies from New Zealand and Australia in overnight activity, analysts said. Canada’s dollar received support from the gains in Australia and New Zealand because all three currencies are linked to commodities.
The Reserve Bank of New Zealand upped interest rates and Australian employment data came in well above expectations, which helped both currencies strengthen.
The Canadian dollar closed at US$0.9047 US$1=C$1.1053 on Thursday, which compares with Wednesday’s North American settlement of US$0.8996 or US$=C$1.1116.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
Spillover support from the firmer tone seen in gold and crude oil prices also helped to underpin the value of the Canadian dollar.
However, better than expected US retail sales data limited the upside. The US government reported retail sales rose 0.3 per cent in February, beating expectations of a 0.2 per cent jump.
Canadian bonds moved higher, as traders sought out safe-haven assets amid ongoing concerns about Chinese economic growth and political problems in Ukraine, market watchers said.
The two-year bond yielded 1.009% late Thursday, from 1.021% late Wednesday. The 10-year bond yielded 2.388%, from
2.451%. Bond yields fall as their prices rise.
