AIRLINK 201.24 Decreased By ▼ -3.21 (-1.57%)
BOP 9.97 Decreased By ▼ -0.12 (-1.19%)
CNERGY 6.89 Decreased By ▼ -0.02 (-0.29%)
FCCL 35.36 Increased By ▲ 0.53 (1.52%)
FFL 17.15 Decreased By ▼ -0.06 (-0.35%)
FLYNG 24.21 Decreased By ▼ -0.31 (-1.26%)
HUBC 138.19 Increased By ▲ 0.79 (0.57%)
HUMNL 14.07 Increased By ▲ 0.25 (1.81%)
KEL 4.86 Decreased By ▼ -0.05 (-1.02%)
KOSM 6.66 Decreased By ▼ -0.04 (-0.6%)
MLCF 46.31 Increased By ▲ 2.00 (4.51%)
OGDC 222.54 Increased By ▲ 0.63 (0.28%)
PACE 7.06 Decreased By ▼ -0.03 (-0.42%)
PAEL 43.14 Increased By ▲ 0.17 (0.4%)
PIAHCLA 17.03 Decreased By ▼ -0.05 (-0.29%)
PIBTL 8.54 Decreased By ▼ -0.05 (-0.58%)
POWER 9.10 Increased By ▲ 0.08 (0.89%)
PPL 188.76 Decreased By ▼ -1.84 (-0.97%)
PRL 43.27 Increased By ▲ 0.23 (0.53%)
PTC 25.35 Increased By ▲ 0.31 (1.24%)
SEARL 110.42 Increased By ▲ 4.01 (3.77%)
SILK 1.03 Increased By ▲ 0.01 (0.98%)
SSGC 42.64 Decreased By ▼ -0.27 (-0.63%)
SYM 18.57 Increased By ▲ 0.26 (1.42%)
TELE 9.12 Decreased By ▼ -0.02 (-0.22%)
TPLP 13.68 Increased By ▲ 0.57 (4.35%)
TRG 68.16 Increased By ▲ 0.03 (0.04%)
WAVESAPP 10.27 Increased By ▲ 0.03 (0.29%)
WTL 1.87 No Change ▼ 0.00 (0%)
YOUW 4.01 Decreased By ▼ -0.08 (-1.96%)
BR100 12,220 Increased By 82.9 (0.68%)
BR30 37,317 Increased By 171.8 (0.46%)
KSE100 115,845 Increased By 572.7 (0.5%)
KSE30 36,476 Increased By 164.8 (0.45%)
Markets

Canadian dollar weakens as coronavirus weighs on housing data

The value of Canadian building permits has likely fallen 23.2pc year-over-year in March, Statistics Canada said in
Published April 8, 2020
  • The value of Canadian building permits has likely fallen 23.2pc year-over-year in March, Statistics Canada said in a preliminary flash estimate.
  • Canadian government bond yields were mixed across the curve, with the 10-year nearly unchanged at 0.819pc.

TORONTO: The Canadian dollar weakened against its U.S. counterpart on Wednesday, giving back some of the previous day's gains as domestic housing data showed signs of economic damage from the coronavirus outbreak.

Canadian housing starts fell 7.3pc in March from the previous month in a sign that the coronavirus outbreak began to hit residential construction activity, data from the national housing agency showed.

The value of Canadian building permits has likely fallen 23.2pc year-over-year in March, Statistics Canada said in a preliminary flash estimate.

At 9:24 a.m. (1324 GMT), the Canadian dollar was trading 0.2pc lower at 1.4024 to the greenback, or 71.31 U.S. cents. The currency, which touched on Tuesday an 11-day high at 1.3941, traded in an range of 1.3988 to 1.4081.

A rebound in world stock markets lost some momentum as the coronavirus death toll mounted and euro zone finance ministers failed to agree a rescue package to help economies recover from the impact of the outbreak.

Canada will keep up efforts to persuade the United States not to block the export of medical supplies to fight the coronavirus, Prime Minister Justin Trudeau said on Tuesday, while the energy-producing province of Alberta warned of an economic disaster.

Oil, one of Canada's major exports, was supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. U.S. crude prices were up 2.5pc at $24.23 a barrel.

Canadian government bond yields were mixed across the curve, with the 10-year nearly unchanged at 0.819pc.

Canada's jobs report for March is due on Friday.

Comments

Comments are closed.