Futures Market News
Loonie ebbs and flows against dollar as Greek elections near
Jun 15, 2012 11:18 AM
The second attempt at electing a prime minister in Greece in six weeks on Sunday had investors on edge on Friday as the Canadian dollar hovered against the world's reserve currency, Reuters reports.
Group of 20 authorities told the news service that worldwide central banks were all set to act as a strategy of offsetting tumult and upheaval that the election might prompt. One observer said the aftermath of meetings next week of the Federal Open Market Committee, the policy making arm of the U.S. Federal Reserve, also are important - if not more so than the election.
"While all the hoopla is about Greece, I think the more important event is going to be next week's FOMC. People are gingerly adding risk on the assumption the Fed will stimulate growth," senior vice president John Curran with CanadianForex told Reuters.
Canadian bonds monitored the trajectory of U.S. Treasuries. Two-year bonds gained 9 Canadian cents while 10-year bonds advanced 37 cents.
Bloomberg reports the loonie's performance the past five days against the U.S. dollar has been a gain of 0.4 percent as the currency hurtles toward two-straight weeks of gains against its southerly rival.
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