Futures Market News
Loonie follows crude oil's upward drive
Mar 16, 2012 09:55 AM
But weak manufacturing data released by the Canadian government tempered the loonie's gains, according to The Canadian Press. The aerospace sector saw sales drop 0.9 percent in January to $49.6 billion, representing the second loss since August of last year.
Geoffrey Kendrick, head of European currency strategy with Nomura Holdings in London, told Bloomberg that the Canadian dollar is performing strongly due to it being closely linked with commodities and the U.S. economy, which is showing signs of strength.
At 10:28 a.m. on Friday, crude oil futures climbed 1.2 percent, a $1.47 rise to $124.07 per barrel.
Bloomberg reports the loonie, during the past month, is the best-performing monetary unit among 10 developed nations' currencies.
However, bonds issued by the Canadian government are not demonstrating the strongest of performances. Through Friday, Canadian government bonds have lost 1.3 percent of their value as they are set to complete their worst quarter since 2009.
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