Futures Market News
Canadian dollar's upward drive resumes
Aug 08, 2012 02:58 PM
The Wednesday performance of the Canadian dollar also advanced by speculation about central banks set to invoke stimulus programs, such as the European Central Bank.
"The belief is that many of the central banks will take action to address either the financial crisis and, or weak economies," currency strategy global head Marc Chandler with Brown Brothers Harriman told the news service. "I don't just mean the Federal Reserve, I mean the ECB and I also mean China and I also mean, possibly, the UK."
But on Wednesday the central bank of England showed no indication about futures stimulus plans it intends to initiate despite a reduced development and growth forecast in the UK.
Advances for the Canadian dollar pushed down the U.S. dollar to its lowest value in more than 90 days, according to The Wall Street Journal. The world's reserve currency was attempting to bounce back from closing the Tuesday trading session below parity against its northerly rival.
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