BLBG: Canadian Dollar Pares Loss As China Spurs Stimulus Speculation
The Canadian dollar pared its drop decline as the slowdown in China spurred speculation the Communist government will step up measures to support expansion.
Canada’s currency had weakened against its U.S. counterpart for the first time in six days as employers unexpectedly shed 30,400 jobs in July and a slide in Chinese exports renewed concern global growth is slowing.
“You don’t want to read too much into one month of data,” David Mann, regional head of research for the Americas at Standard Chartered in New York, said in a telephone interview.
Canada’s dollar, nicknamed the loonie for the waterfowl on the one-dollar coin, fell 0.01 percent to 99.18 cents per U.S. dollar at 10:38 a.m. in Toronto. One Canadian dollar buys $1.0083.
To contact the reporter on this story: Lindsey Rupp in New York at lrupp2@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
