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The Canadian bond prices were mostly higher on Friday as dealers returned their focus to interest rates and the possibility of a 50-basis-point interest rate cut by the Bank of Canada next week. The Bank of Canada unexpectedly cut its key interest rate 50 basis points last week in a co-ordinated move with other central banks to help calm ailing financial markets.
And a Reuters poll conducted on Friday showed the majority of Canada's primary dealers expect another 50-basis-point rate cut when the bank makes a scheduled rate announcement on Tuesday. The two-year bond rose 9 Canadian cents to C$100.99 to yield 2.267 percent. The 10-year bond increased 31 Canadian cents to C$104.21 to yield 3.724 percent.
The yield spread between the two-year and the 10-year bond moved to 123 basis points from 120 basis points at the previous close. The 30-year bond dropped 20 Canadian cents to C$112.50 to yield 4.241 percent. In the United States, the 30-year Treasury yielded 4.312 percent.
The Canadian dollar ended lower versus the US dollar on Friday due to nagging uncertainty about the outlook for the global economy, but a rally in stock markets and commodities help to cushion its fall. The Canadian dollar closed at C$1.1869 to the US dollar, or 84.25 US cents, down from C$1.1816 to the US dollar, or 84.63 US cents, at Thursday's close.

Copyright Reuters, 2008

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