Canadian Dollar Falls Against Most Majors
June 16 2009 - 7:36PM
RTTF2
The Canadian currency declined against most of its major
counterparts following the release of some key data during New York
morning trading on Wednesday.
As expected, Canadian wholesale sales in current dollars fell
for a seventh straight month in April, declining 0.6% to $40.3
billion, according to data released Wednesday by Statistics Canada.
Economists expected wholesale sales to drop 0.7 percent in
April.
The Statistics Canada also said that, Canada's leading indicator
dropped for the ninth consecutive month in May, but the rate of the
decline slowed considerably due to a comeback in the stock
market.
The shift from a 0.9% drop in April to a 0.1% dip in May was the
largest monthly change in the index in either direction since
December 1965. The turnaround reflected a 2.6% increase in the
unsmoothed index, equalling its largest monthly gain in 30
years.
The loonie extended previous session's downtrend against the US
dollar and the euro in New York morning deals today. At 10:35 am
ET, the loonie dropped to a 1-month low of 1.5864 against the euro
and a 4-week low of 1.1451 versus the greenback, which may be
compared to Tuesday's closing values of 1.5717 and 1.1358,
respectively. Thereafter, the loonie reversed its direction and as
of now worth1.1355 against the greenback and 1.5752 versus the
euro.
Against the Japanese yen, the loonie also ticked down in morning
session and touched a 3-week low of 83.73 by about 10:45 am ET.
Crude oil inventories fell much more than expected last week,
according to data released by the Energy Information Administration
on Wednesday. However, gasoline stockpiles were much higher than
forecast.
U.S. commercial crude oil inventories decreased by 3.9 million
barrels in the week ended June 12. Economists were looking for a
decline of about 1.7 million barrels. At 357.7 million barrels,
U.S. crude oil inventories remain above the upper boundary of the
average range for this time of year.
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