Post Tagged with: "Canada"
Canadian and Australian Dollars as Reserve Assets
Last year Russia previously indicated it was thinking about adding Australian and Canadian dollars to its reserves. More recently it said it was preparing to do just that. At the end of last week, the ECB’s Noyer opined that these two currencies were going to have an increased role as reserve assets. There is even
Dollar to Rally After ECB Rate Decision
Highlights The US dollar is softer across the board and is indeed at new lows for the week against most of the major currencies ahead of a relatively constructive string of economic data and rate hikes from New Zealand and Brazil, a healthy reception to the first Spanish bond auction since the credit downgrade at
Canadian Housing Bubble Showing Cracks
Canada has had quite a run in its property market. But, the most recent data are a bit soft. David Rosenberg writes: After a string of above-expected economic data releases, Canadian housing starts missed the mark. Starts sunk 6.3% MoM, to 189.1k May, well below economists’ (optimistic) estimates for a small increase to 202k from
RBA Sits Tight But Bank of Canada Moves 0.25% As Expected
Australia The Reserve Bank of Australia met earlier today and as widely expected kept the official rate steady at 4.5%. The tone of the statement was fairly neutral, as one might expect after 6 rates hikes since last October and increased uncertainty about the economic outlook of Europe and China. Australia reports Q1 GDP figures
Euro Advances in Quieter Markets on Short Covering
The US dollar is mostly little changed today. The main feature is the covering of short euro positions and this has lifted the single currency to new four-day highs against the dollar. As we have noted in recent days, its downside momentum had faded and the near-term risk was bout of position squaring. The other notable exceptions today are the Australian and Canadian dollars, with the help of bottom pickers and firmer commodity prices, and the Swedish krona, which has been underpinned by a stronger than expected Q1 GDP and a significant upward revision to the Q4 09 GDP. Lastly, the Israeli shekel, which has been particularly active in recent days amid MSCI re-weighting related adjustments, is giving back yesterday’s late gains and net-net is little changed on the week that saw a 3% range from high to low
David Rosenberg on the Canadian Housing boom and the V-shaped recovery
David Rosenberg has been pretty bullish on the Canadian economy. In the wake of recent tightening of regulations on housing in Canada, he muses about what this will mean for the Canadian housing market and the broader economy. Based on our statistical work, around half of the 7% annualized growth rate in nominal GDP from
Let’s Get Serious About the Loonie
The Bank of Canada’s statement yesterday, where it dropped it conditional promise about keeping rates steady and raised this year’s growth outlook triggered new Canadian dollar buying. We too have been bullish the Canadian dollar. However, what concerns us is that the market seems to be getting ahead of itself. Forward rates are rising further
Bubblicious mortgage deals, Canadian version
You can get some pretty good mortgage deals in Canada these days Today I got this drift via this intrusive banner advert from CIBC. Clearly CIBC wants you to see this advertisement. The deal is 4.74 fixed with 2% cash back if you switch to CIBC. The company says: Making the switch to a CIBC
Canadian Dollar Setback
Falling commodity prices amid general position adjustment in the foreign exchange market is weighing on the Canadian dollar today. The Loonie is trading at its lowest level since late March. The near-term risk seems to extend toward CAD1.03, but the underlying favorable fundamentals remain intact. On top of the softer commodity story and unwinding of
Consolidative Tone Emerges, Times to Catch Your Breath
Marc Chandler is the global head of Brown Brother Harriman’s top ranked Currency Strategy Team. For more of BBH’s currency views, please visit the BBH FX website here. Highlights The US dollar is consolidating yesterday’s outsized gains. Profit-taking appears largely minimal, though sterling did receive a boost by the much stronger than expected February retail
You Like the Greenback, You Might Like Canada More
Canada reported a larger than expected trade surplus earlier today. At C$0.8 bln, it was four times larger than expected and the December figures were revised to show a C$0.1 bln surplus instead of a C$0.2 bln deficit. Canada also reported a strong rise in Q4 capacity utilization rate to 70.9% from a revised 68.7%
Links: 2010-03-02 – Canada doing well, socializing losses in Spain and more
Chilean Quake Likely Shifted Earth’s Axis, NASA Scientist Says – Bloomberg.com Strong demand for 30 year gilt auction | Business | guardian.co.uk GM to recall 1.3 million cars in North America FT.com / Europe – Spanish jobless rate hits 19% as recession spreads FT Alphaville – Tracy Alloway – On the non-existent basis of a