AIRLINK 209.55 Decreased By ▼ -1.42 (-0.67%)
BOP 10.46 Decreased By ▼ -0.21 (-1.97%)
CNERGY 7.35 Decreased By ▼ -0.06 (-0.81%)
FCCL 34.39 Increased By ▲ 0.82 (2.44%)
FFL 18.05 Decreased By ▼ -0.36 (-1.96%)
FLYNG 22.92 Decreased By ▼ -0.70 (-2.96%)
HUBC 132.49 Increased By ▲ 1.10 (0.84%)
HUMNL 14.14 Increased By ▲ 0.04 (0.28%)
KEL 5.03 Increased By ▲ 0.05 (1%)
KOSM 7.07 Decreased By ▼ -0.09 (-1.26%)
MLCF 45.20 Increased By ▲ 1.44 (3.29%)
OGDC 218.38 Increased By ▲ 4.82 (2.26%)
PACE 7.58 Increased By ▲ 0.13 (1.74%)
PAEL 41.70 Increased By ▲ 0.17 (0.41%)
PIAHCLA 17.30 Decreased By ▼ -0.17 (-0.97%)
PIBTL 8.55 Decreased By ▼ -0.05 (-0.58%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 189.03 Decreased By ▼ -0.57 (-0.3%)
PRL 42.33 Decreased By ▼ -1.98 (-4.47%)
PTC 25.17 Increased By ▲ 0.20 (0.8%)
SEARL 103.96 Increased By ▲ 0.59 (0.57%)
SILK 1.03 No Change ▼ 0.00 (0%)
SSGC 39.24 Decreased By ▼ -1.26 (-3.11%)
SYM 19.16 Decreased By ▼ -0.36 (-1.84%)
TELE 9.24 Decreased By ▼ -0.20 (-2.12%)
TPLP 13.10 Decreased By ▼ -0.40 (-2.96%)
TRG 69.18 Increased By ▲ 4.71 (7.31%)
WAVESAPP 10.72 Decreased By ▼ -0.18 (-1.65%)
WTL 1.71 Increased By ▲ 0.06 (3.64%)
YOUW 4.14 Decreased By ▼ -0.07 (-1.66%)
BR100 12,079 Decreased By -111.6 (-0.92%)
BR30 36,602 Increased By 19.8 (0.05%)
KSE100 116,053 Decreased By -202.4 (-0.17%)
KSE30 36,578 Decreased By -25.8 (-0.07%)

TORONTO: The Canadian dollar strengthened against its US counterpart on Friday, clawing back much of its weekly decline, as investor sentiment picked up and preliminary domestic data showed retail sales rebounding in April.

The loonie was trading 0.6% higher at 1.3650 to the US dollar, or 73.26 US cents, a day after it touched a two-week low intraday at 1.3743. For the week, it was down 0.3%.

The currency rose as a University of Michigan survey showed consumers’ inflation expectations improved in late May, boosting prospects the Federal Reserve would begin easing policy by September.

“It just seems like the minute that there’s something weaker than expected, the market wants to front-run a Fed turn,” said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull.

Wall Street stocks rallied and the price of oil, one of Canada’s major exports, rose after four straight days of declines. US crude oil futures were up 1.2% at $77.79 a barrel.

“This is going to be a bullish close for CAD today. I wouldn’t be surprised if it starts next week a little stronger,” Bregar said.

Canadian retail sales contracted for a third consecutive month in March, falling 0.2%, underscoring the impact of high interest rates on consumer spending. Still, a preliminary estimate of April’s sales figure showed sales were likely to increase by 0.7%.

On Tuesday, data showed Canada’s annual inflation rate falling to a three-year low of 2.7% in April, raising expectations the Bank of Canada would begin cutting rates at its next policy decision on June 5. Swap markets see a 60% chance of a June cut.

Canadian government bond yields were mixed across a more deeply inverted curve, with the 2-year rising 3.1 basis points to 4.248%.

Comments

Comments are closed.