BLBG: Canadian Dollar Strengthens to Two-Week High as Stocks Advance
Canada’s dollar appreciated, touching the strongest level in two weeks, on speculation that concern over swine flu may be overdone and as global equities and crude oil gained.
“The market perception is that swine flu might be more of a tempest in a teapot,” said Firas Askari, head currency trader in Toronto at BMO Nesbitt Burns, a unit of Bank of Montreal. “Market sentiment seems to have turned on a dime. Global equity markets have been staging a bit of a rally. I like the Canadian dollar; I have for a while.”
The Canadian currency climbed 1.4 percent to C$1.2034 per U.S. dollar at 7:52 a.m. in Toronto. It touched C$1.2025, the strongest level since April 16. One Canadian dollar buys 83.10 U.S. cents.
The MSCI World Index, a gauge of equities in 23 developed nations, advanced 0.9 percent. Crude oil for June delivery rose as much as $1.04 to $50.96 a barrel in electronic trading on the New York Mercantile Exchange.
Mexico today revised down the number of confirmed people who died from swine flu to seven from 20, and raised the toll of suspected swine flu-related deaths to 159.
