Tuesday saw the Canadian dollar lose value against most of its counterpart currencies after countries with the Group of Seven noted they do not intend to use policies to prompt development and growth of their economies, Bloomberg reports.
The G-7 statement indicated achieving growth will not entail a focus on exchange. Despite losses, the loonie accomplished moderate gains from its 14-day low against the world’s reserve currency.
“Today’s anticipated G7 statement draws the line that beyond committing to market determined exchange rates and noting that excessive volatility have adverse implications, the G7 commits that they will not target foreign exchange rates through monetary policy,” chief currency strategist Camilla Sutton with Scotia Capital told The Canadian Press on Tuesday.
Bloomberg reports Jim Flaherty, finance minister of Canada, late last month spoke with his counterpart in Japan and relayed preoccupations about the losses of power for the yen.
Though the loonie is linked to the performance of tradables on the commodity complex since the nation is natural-resources rich, gains for commodities did not pull up the monetary unit on Tuesday, The Canadian Press reports.
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