BLBG:Canadian Dollar Drops as Stock Futures Fall Before Data
Canada’s dollar weakened against its U.S. counterpart amid a decline in U.S. stock-index futures before a report that may show American employers added fewer jobs last month.
The Canadian currency advanced against most of its major peers on speculation the North American economy will fare better than other developed regions. Manufacturing in the euro region shrank for a ninth month, signaling the economic malaise is deepening and adding to concern about the region’s debt woes.
“The Canadian dollar will be influenced by the broader sense of global risk, and by global and U.S. economic data,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto, in a telephone interview. “The markets are reacting to the PMI numbers that were a disappointment across the board,” he said, referring to the European manufacturing data.
Canada’s currency, nicknamed the loonie, fell 0.2 percent to 98.72 cents per U.S. dollar at 7:38 a.m. in Toronto. One Canadian dollar buys $1.0130.
To contact the reporter on this story: Chris Fournier in Halifax at cfournier3@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
