Futures Market News
Loonie pushes to record high against the euro
Jul 16, 2012 11:22 AM
Monday saw the monetary unit of Canada push to its highest value ever against the common currency of the European Union, driven by the belief that euro zone policy makers have not done enough to rein in the damaging tendencies caused by the euro debt crisis, according to Bloomberg.
The Canadian dollar also climbed against most of its counterpart currencies though it dropped against the world's reserve currency for the first time in four days. Ben Bernanke, chair of the central bank of the U.S., was scheduled to testify before congress on Tuesday and Wednesday.
"The bigger-picture trend is really euro lower, and I think that's something that will likely play out throughout the week," currency strategist Greg Moore with Toronto-Dominion Bank in Toronto told Bloomberg on Monday.
The loonie pushed to its record high against the 17-nation monetary unit, touching its highest value since the euro first made its entry on forex markets in 1999.
Despite the strong performance against the euro, the loonie touched its session low against the U.S. dollar on Monday after economic data showed U.S. retail sales sank for a third straight month, according to Reuters.
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