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Canadian Dollar Plummets To Fresh Multi-week Lows Against Euro 74 days ago
(RTTNews) - The Canadian dollar declined in early trading on Friday as oil prices dropped below $75 a barrel as investors turned away from commodities after debt default fears in Dubai shook global financial markets. The loonie also weakened as the dollar rose on investors' increased risk aversion.
U.S. crude for January delivery is currently trading down $3.62 to $74.41 per barrel from Wednesday. Earlier in the day, the prices touched as low as $72.39. There was no settlement price on Thursday because US markets were closed for Thanksgiving.
London Brent crude fell $1.57 to $75.42, the lowest level since October.
Oil plunged along with the global equity markets after Dubai World, the government investment company struggling with $59 billion of debts has sought a six-month "standstill" on its $60 billion debts with all lenders.
The Canadian dollar plunged to 1.6005 against the euro around 7:40 am ET, the lowest level since November 2 and moving a few pips lower may pull down the domestic unit to its lowest level in nearly 2 months. The euro-loonie pair closed yesterday's deals at 1.5909.
The common currency climbed after the euro-zone economic sentiment rose to 88.8 in November from 86.1 in October, a monthly survey conducted by European Commission showed today. The index stood above the expected level of 88, but remained significantly below its long-term average.
The Canadian dollar that showed strength against the Japanese yen at the beginning of the European session pared some of its gains shortly. The loonie-yen pair that closed yesterday's deals at 81.79 is currently quoted at 80.7. Earlier in the morning, the loonie dropped below the 80.0 level versus the yen for the first time since mid-July.
Japanese Finance Minister Hirohisa Fujii said the strength of the yen is harmful to the economy. Appreciation of yen against dollar threatens export earnings of Japan. "I am nervously watching the foreign exchange market carefully", he said. There is no doubt that the movement of yen is one-sided and government response is possible, said Fujii. Yesterday, the yen surged to a 14-year high against the dollar.
The Ministry of Internal Affairs & Communications reported that Japan's unemployment rate stood at a seasonally adjusted 5.1% in October, down from 5.3% in the previous month. Economists had expected the unemployment rate to rise to 5.4%. The unemployment rate stood at 3.8% a year ago.
The Ministry of Economy, Trade & Industry said that retail sales in Japan dropped 0.9% year-on-year to JPY 10.83 trillion in October, slower than the 1.3% decline in the preceding month. Economists had expected sales to drop 1.6%. This marks the fourteenth straight month in which retail sales have fallen on an annual basis.
In a separate report, the Ministry of Internal Affairs and Communications said Japan's key consumer price index continued to drop in October for an eighth month in a row to 2.2 percent from a year earlier. This was in line with market expectations.
The core CPI for Tokyo, a leading indicator of prices across Japan, fell 1.9 percent in November from a year before to 99.5, the ministry said. Analysts had estimated a 2.0 percent decrease.
The Canadian dollar has been trading mostly lower against the US dollar since this morning and dropped a 3-week low of 1.0752 in the early European session. Thereafter, the loonie gained some ground versus the greenback before slipping back again around 5:30 am ET. The greenback-loonie pair is presently quoted at 1.0726.
Looking ahead, the Statistics Canada will release its third quarter current account data at 8:30 am ET. Canada posted a C$11.2 billion deficit in the previous quarter.
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