By Commodity News Service Canada
Winnipeg – May 9/13 – CNS – The Canadian dollar was trading
at a significantly weaker level versus the US currency in late
North American activity on Thursday. Much of the downswing in the
value of the Canadian currency was linked to a sell-off in
commodities as well as the decline in the North American equity
sector, market watchers said.
The Canadian currency late in the afternoon was quoted at
C$1.0068 (99.32 US cents). This compares with Wednesday’s late
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Chart based demand for the US dollar at the expense of the
Canadian unit also generated some of the easing, brokers said.
Canadian new housing price data was in line with
expectations, and provided little direction for the Canadian
dollar. According to Statistics Canada, the new housing price
index rose 9.1% in March following a 0.2% rise in February.
Some market participants took to the sidelines to await
Friday’s employment data from Statistics Canada. Market players
generally expect the Canadian economy to have added 11,000 new
jobs in April.
Canadian bonds ended on a mixed footing along the yield
curve on Thursday with the short-term issues down and the longer-
term rates up.
The longer-termed maturities outperformed the rest of the
curve, as traders awaited April employment data that should
provide the market with some direction.
Canada’s two-year bond yield was at 0.978% Thursday, from
0.977% Wednesday. The 10-year bond was unchanged with a yield at
1.807%. Bond yields move inversely to bond prices.
There was little significant data released on Thursday to
cause bond markets to perk up.
END
