Canadian Dollar Declines Amid Risk Aversion, Falling Oil Prices
08 Fevereiro 2016 - 5:04AM
RTTF2
The Canadian dollar lost ground against the other major
currencies in European trading on Monday, as European shares fell
on global growth worries, while oil prices slipped after meeting
between OPEC producers Saudi Arabia and Venezuela failed to address
stability in crude.
European shares are trading in red, as investors fretted over
oil price volatility, slowing global growth and uncertainty over
the Federal Reserve's monetary policy.
Risk-off mood prevailed after results of a survey by Sentix
revealed that Eurozone investor sentiment weakened for the second
straight month to the lowest since early 2015.
The investor sentiment index dropped more than expected to 6 in
February from 9.6 in January. Economists forecast the index to ease
to 8.8.
Over the weekend, oil ministers from Saudi Arabia and Venezuela
discussed cooperation among OPEC and non-OPEC nations to bring
stability in oil production, although no plans to cut output were
agreed upon.
The loonie was modestly higher against the greenback, yen and
the euro in Asian trades, as Asian stocks pared initial losses in
thin holiday trading.
The loonie declined to 1.5549 against the euro, its lowest since
January 26. If the loonie slides further, 1.58 is possibly seen as
its next support level. At last week's close, the pair was valued
at 1.5522.
Reversing from an early high of 1.3841 against the greenback,
the loonie slipped to a session's low of 1.3918. On the downside,
the loonie may find support around the 1.41 zone.
The loonie slid to nearly a 2-week low of 83.76 against the
Japanese yen, compared to 83.92 hit late New York Friday. The
loonie is seen finding support around the 82.00 mark.
Data from the Ministry of Finance showed that Japan registered a
current account surplus of 960.7 billion yen in December, up 325.2
percent on year.
The headline figure was shy of expectations for 1,051.7 billion
yen and down from 1,143.5 billion in November.
The loonie remained lower against the aussie, trading at 0.9863,
off its early high of 0.9819. The pair was valued at 0.9828 when it
ended Friday's trading. The next possible downside target for the
loonie may be located around the 0.99 area.
Looking ahead, Canada housing starts for January and building
permits for December and U.S. labor market conditions index for
January are set to be published in the New York session.
At 12:05 pm ET, Bank of Canada Deputy Governor Timothy Lane will
deliver a speech titled "Monetary Policy and Financial
Stability—Using the Right Tools" at the HEC Montreal.
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