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Canadian Dollar Climbs To 1-week High Against Greenback 76 days ago
(RTTNews) - Wednesday in early trading, the Canadian dollar strengthened as crude oil started to tick higher on the back of a slumping dollar. The loonie jumped to a weekly high against the US dollar and a 6-day high against the euro.
Oil prices rose slightly as traders awaited the weekly US energy report. The Crude oil for the January delivery rose 33 cents to 76.35 around 7:30 am ET. Prices rose as high as 76.6 earlier in the day.
At 10:30 am ET, the US Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended November 20th.
The Canadian dollar rose to a weekly high of 1.0455 against the greenback mainly due to across the board weakening of the latter. This was up by more than 0.8 percent from yesterday's close of 1.0582. On the upside, the Canadian currency may find target near the 1.042 level.
Investors now turn toward the North American session, in which the U.S. durable goods orders, new home sales, PCE deflator- all for the month of October and the weekly jobless claims report for the week ended November 21 are scheduled for release.
The Canadian dollar staged a rebound after hitting a 2-day low of 83.19 against the Japanese yen in early trading today. The loonie thus drifted higher to 83.93 against the yen before leveling off around 7:00 am ET. The loonie-yen pair, which closed yesterday's deals at 83.68, is currently quoted at 83.79.
Earlier in the day, Japan's Ministry of Finance revealed that the country recorded a merchandise trade surplus of 801.7 billion yen in October, following the revised 525.3 billion yen surplus in September. Economists expected the trade surplus at 465.5 billion yen. During the month, exports declined 23.2% year-over-year to 5.31 trillion yen, while imports were down 35.6% year-over-year to 4.50 trillion yen, the data revealed.
In a separate statement, the Bank of Japan revealed that an index measuring corporate service prices in the country declined 2.2% year-over-year in October, posting a score of 98.1. Analysts expected the index to decline 2.6% year-over-year following 3.2% drop in September.
The Canadian dollar also advanced to a 6-day high of 1.576 against the European currency by 6:15 am ET and the pair moved on holding pattern thereafter. The euro-loonie pair that closed yesterday's deals at 1.584 is presently worth 1.5787 with 1.57 seen as the next target level.
In economic news from the euro-area, German consumer confidence for December deteriorated unexpectedly, a monthly survey from GfK Group said today. The forward-looking consumer confidence index fell to 3.7 for December from 4 in the prior month. Economists were expecting the index to remain unchanged at 4.
German unemployment has declined for four straight months, taking the jobless rate down to 8.1 percent, as government incentives encouraged employers to keep staff. While the economy is recovering from its worst recession since World War II, the slump has increased pressure on companies to cut costs. Unemployment is bound to increase next year, Chancellor Angela Merkel said on Nov. 20.
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