Canadian Dollar Rises As Oil Prices Advance
March 26 2015 - 2:22AM
RTTF2
The Canadian dollar strengthened against the other major
currencies in the Asian session on Thursday, as oil prices rose
after news that Saudi Arabia and its allies began airstrikes on
Yemen. Crude oil for May delivery are currently up $1.74 to $50.95
a barrel.
Saudi Arabia and its Gulf Arab allies launched air strikes on
Yemen Wednesday against Houthi fighters who have tightened their
grip on the the nearby port city of Aden, where the country's
president Abdu Rabu Mansour Hadi had taken refuge. The development
threatened the security of oil shipments from the Middle East.
Oil prices also found support with the dollar weakening against
a basket of major currencies after disappointing durable goods data
from the U.S.
In the Asian trading today, the Canadian dollar rose to a 6-day
high of 0.9759 against the Australian dollar, from yesterday's
closing value of 0.9815. The loonie may test resistance near the
0.96 region.
Against the U.S. dollar, the yen and the euro, the loonie edged
up to 1.2479, 95.56 and 1.3700 from yesterday's closing quotes of
1.2517, 95.42 and 1.3730, respectively. If the loonie extends its
uptrend, it is likely to find resistance around 1.23 against the
greenback, 96.90 against the yen and 1.33 against the euro.
Looking ahead, German Gfk consumer confidence for April, Swiss
KOF Spring economic forecast and Eurozone M3 money supply and U.K.
retail sales- both for February are due to be released in the
European session.
At 4:35 am ET, U.S. Federal Reserve Bank of St. Louis President
James Bullard is expected to give OMFIF Public Lecture on the
economy and monetary policy in Frankfurt.
In the New York session, U.S. weekly jobless claims for the week
ended March 21 and Markit's U.S. PMI reports for March are slated
for release.
At 9:00 am ET, U.S. Federal Reserve Bank of Atlanta President
Dennis Lockhart will deliver a speech about the economic outlook
and monetary policy at the Engage International Investment
Education Symposium in Detroit.
Subsequently, European Central Bank president Mario Draghi will
address the Italian parliament's finance and EU policy committees
in Rome at 9:15 am ET. After 15 minutes, Bank of Canada Governor
Stephen Poloz is expected to speak at the Canada-UK Chamber of
Commerce in London.
At 1:30 pm ET, Bank of England Governor Mark Carney will hold a
press conference about his role as Chair of the Financial Stability
Board, in Frankfurt. After half-an-hour, Swiss National Bank member
Fritz Zurbrugg will deliver a speech about monetary policy after
the cap at the Money Market Event in Zurich.
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