AIRLINK 171.38 Decreased By ▼ -4.35 (-2.48%)
BOP 13.20 Increased By ▲ 0.08 (0.61%)
CNERGY 7.40 Decreased By ▼ -0.14 (-1.86%)
FCCL 43.20 Decreased By ▼ -0.71 (-1.62%)
FFL 14.90 Decreased By ▼ -0.11 (-0.73%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.80 Decreased By ▼ -0.43 (-0.33%)
HUMNL 13.22 Decreased By ▼ -0.12 (-0.9%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.04 Decreased By ▼ -0.02 (-0.33%)
MLCF 55.00 Decreased By ▼ -1.03 (-1.84%)
OGDC 210.80 Decreased By ▼ -3.97 (-1.85%)
PACE 5.95 Decreased By ▼ -0.03 (-0.5%)
PAEL 41.00 Increased By ▲ 0.10 (0.24%)
PIAHCLA 16.22 Decreased By ▼ -0.10 (-0.61%)
PIBTL 9.55 Decreased By ▼ -0.20 (-2.05%)
POWER 11.50 Decreased By ▼ -0.26 (-2.21%)
PPL 177.50 Decreased By ▼ -3.98 (-2.19%)
PRL 33.33 Decreased By ▼ -0.89 (-2.6%)
PTC 22.75 Decreased By ▼ -0.31 (-1.34%)
SEARL 93.99 Decreased By ▼ -1.73 (-1.81%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 34.75 Decreased By ▼ -0.70 (-1.97%)
SYM 15.70 Decreased By ▼ -0.05 (-0.32%)
TELE 7.78 Decreased By ▼ -0.09 (-1.14%)
TPLP 10.90 Decreased By ▼ -0.08 (-0.73%)
TRG 60.60 Increased By ▲ 0.10 (0.17%)
WAVESAPP 10.69 Decreased By ▼ -0.12 (-1.11%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.77 No Change ▼ 0.00 (0%)
BR100 12,042 Decreased By -11.4 (-0.09%)
BR30 36,310 Decreased By -157.1 (-0.43%)
KSE100 113,638 Decreased By -718.4 (-0.63%)
KSE30 35,017 Decreased By -330.1 (-0.93%)
Markets

Canadian dollar tracks oil higher as OPEC meets

  • Canadian dollar rises 0.2% against the greenback.
  • Price of US oil increases 1.9%.
  • Canadian labor productivity falls 2.0% in the fourth quarter.
  • Canadian bond yields rise across the curve.
Published March 4, 2021

TORONTO: The Canadian dollar strengthened against its US counterpart on Thursday as oil prices rose and ahead of a speech by Federal Reserve Chairman Jerome Powell that could address the recent jump in bond yields that has spooked markets.

The loonie was 0.2% higher at 1.2625 to the greenback, or 79.21 US cents, having traded in a range of 1.2619 to 1.2674.

Since the start of the week, the loonie has gained 0.9%, helped by data showing stronger-than-expected growth in the domestic economy and higher prices for oil, one of Canada's major exports.

US crude prices were up 1.9% to $62.45 a barrel as OPEC and its allies met to discuss whether to ease production cuts and after a record jump in US crude oil stocks following Texan refinery outages.

Canadian dollar forecasts for the coming months have been raised by strategists, reflecting recent gains for the currency but also expectations commodity prices will benefit from the reopening of the global economy, a Reuters poll showed.

The US dollar rose against a basket of major currencies as a more orderly rise in US Treasury yields lent support before a speech by Federal Reserve Chairman Jerome Powell that may determine the trend for global bond markets and currencies.

Canadian government bond yields were higher across the curve, with the 10-year up 1.8 basis points at 1.434%. Last Friday, it touched a 13-month high at 1.501%.

Canadian labor productivity fell 2.0% in the fourth quarter, as hours worked rose faster than business output, Statistics Canada said.

Canada's international merchandise trade data for January is due on Friday, expected to show a narrower deficit.

Comments

Comments are closed.