Futures Market News
Loonie set to achieve weekly gains of 0.8 percent against U.S. dollar
Apr 20, 2012 03:41 PM
Friday saw the monetary unit of Canada advance against the U.S. dollar as economic data about consumer prices almost matched March forecasts, which prompted speculation about the Bank of Canada pushing up interest rates, according to Bloomberg.
Equities advanced as well, which were helping push the loonie toward achieving weekly gains of 0.8 percent against the greenback. The loonie also benefited from an unexpected increase in business confidence in April in Germany, which gained for a sixth consecutive month.
"The domestic market and even the trading market are quite comfortable with the economics of Canada," foreign exchange managing director Jack Spitz with National Bank of Canada in Toronto told Bloomberg. "People are also selling dollar-Canada on the back of improved global sentiment."
The March consumer price index rose 1.9 percent as compared to the same period of last year; projections said the increase would be of 2 percent.
Dow Jones Newswires reports policy makers with the central bank kept interest rates at 1 percent, marking the 13th consecutive time they have opted against changing it.
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