Futures Market News
Loonie benefits from Chinese economic slowdown
Jul 13, 2012 04:42 PM
The loonie capitalized on economic hiccups in China and speculation that the Asian nation is preparing to employ economy-spurring techniques, such as monetary stimulus. The Bank of Canada is set to convene early next week, when it is slated to discuss borrowing costs.
"The bank is going to stay on hold," foreign exchange director Matthew Perrier with Bank of Montreal told Bloomberg. "The bank is going to be cognizant of the global picture."
The Canadian dollar also climbed following the advance of oil, the natural-resources-rich nation's top commodity. The loonie pushed to its top value against the common currency of the European Union since 1999, when the euro made its advent on the global scene.
The Wall Street Journal reports the loonie's boost against the dollar kicked in overnight from Thursday to Friday when the economic news about China was publicized.
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