Canadian Dollar Gains After U.S. Data Spread Holiday Cheer |
| Wall Street Journal - Dec 29, 2011 |
The Canadian dollar gained Thursday as stronger-than-forecast U.S. data lifted demand for higher-yielding currencies in thin trading ahead of the New Year's holiday.
A smaller-than-expected fall in Chicago PMI data and a surge in existing-home sales in the U.S. together with signs of the labor market stabilizing after recent gains, lifted stocks, metals and riskier currencies.
"We expect to see more of Europe overhang heading in to the new year," said Matt Perrier, director of FX sales at BMO Capital Markets in Toronto.
The U.S. dollar was at C$1.0214 at 3:35 p.m. EST, from C$1.0229 at 8:00 a.m. EST and C$1.0243 late Wednesday, according to data provider CQG.
Separately, Italy's funding costs eased even though its 7.02 billion euro ($9.08 billion) 10-year bond auction failed to meet the debt-wracked country's maximum quota.
These are the exchange rates at 3:35 p.m. EST (2035 GMT), 8:00 a.m. EST (1300 GMT) and late Wednesday.
Read Full Article from Wall Street Journal
- Posted: 2011-12-29 19:45:55
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