BLBG: Canadian Dollar Falls as G-20 Nations Meet Amid Deficit Reduction Debates
Canada’s dollar fell against its U.S. counterpart as Group of 20 governments meet today and officials from the U.S. to Europe debate economic policies.
The loonie, as the currency is nicknamed, declined as crude oil futures declined. Raw materials, including oil, account for about half of Canada’s exports. The International Monetary Fund and G-20 nations are gathering in Washington this week as the U.S. and Europe debate when and how to rein in budget deficits.
The Canadian dollar “is biased toward a little bit of weakness,” said Michael O’Neill, managing director at Knightsbridge Foreign Exchange Inc. in Toronto. “It’s going to retreat a bit on profit-taking ahead of a weekend with the G- 20.”
The loonie weakened 0.4 percent to 96.46 cents per U.S. dollar at 8:16 a.m. in Toronto. One Canadian dollar buys $1.0367.
To contact the reporter for this story: John Detrixhe in New York at jdetrixhe1@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
