FRX:Canadian Dollar Fluctuates on Carney Statement
The Loonie fluctuated on today’s session on dovish statement by the Bank of Canada Governor, Mark Carney. The Governor is fairly pessimistic about the nation’s economic growth in the near future as the supply chain disruption in Canada is likely to lower automotive productions. However, Carney is optimistic for the second half of 2011, as the Central Bank expects a re-accelerated economic growth.
Additionally, prices of crude oil, Canada’s largest export commodity, fell by $1.11 on the NYMEX to trade at $94.30 per barrel. Earlier, crude had strengthened by $1.24 on lower US stockpiles.
USD/CAD posted 0.9727 at about 00:17 GMT today, after falling to 0.9710 on yesterday’s session. EUR/CAD tumbled to 1.3932 from the opening price of 1.3978.
