Gold, Silver, Oil, and Copper all fell today sending the USDCAD soaring to its most recently quoted price of 1.070. Investors began to move from long to short positions on the CAD amidst lower than expected retail sales and core inflation rates.
Canada?s only commodity futures exchange, located in Winnipeg, was sold to US based IntercontinentalExchange Inc. for $40 million. Lorne DeJaeger, chairman of the exchange?s parent company WCE, said the Winnipeg Commodity Exchange will continue to operate out of Winnipeg.
http://www.cbc.ca/money/story/2007/06/22/winnipegcommodity.html
[I]Source: CBC[/I]
Weak Commodity prices drove the S&P/TSX down 80 points this morning. Accounting for 30% of the index, the energy sector fell 1.7% as crude prices slipped to $67.74/bbl after a strike in Nigeria that could have jeopardized oil exports was cancelled.
http://www.canada.com/nationalpost/financialpost/story.html?id=d72823a7-7f37-47ac-8787-1ab53f45cf86&k=43250
[I]Source: Financial Post[/I]
Falling commodity prices led Canadian dollar down to a three week low against the US dollar at 1.078. Bullish CAD investors await Canadian GDP to trigger a rate hike by the Bank of Canada, which will add a bid tone to the Canadian Dollar.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aB96PYCwvW1k&refer=canada
[I]Source: Bloomberg[/I]
[B]Currency[/B]
Gold, Silver, Oil, and Copper all fell today sending the USDCAD soaring to its most recently quoted price of 1.070. Investors began to move from long to short positions on the CAD amidst lower than expected retail sales and core inflation rates. Furthermore, interest rate futures are factoring in a lower chance of a rate hike by the Bank of Canada on July 10th. Traders will be given better insight into the central bank?s next move on Friday, when GDP for the month of April will be announced.
[B]Equity
[/B]A plunge in commodities prices including gold and oil, which account for almost half of Canada?s exports, sent the S&P/TSX down 20 points to its most recently quoted price of 13,964.43. Canadian gold producer Barrick Gold and oil producer Suncor Energy fell 22 cents and C$1.65 respectively, dragging Canada?s main equity index along with them. Today is the fourth day in five days the S&P/TSX has dropped.
[B]Fixed Income[/B]
Prices on Canadian 10-year government bonds followed US Treasury bonds higher, as risk aversion came into play amidst concerns regarding sub-prime mortgages and declining overseas stock markets. Furthermore, swelling yields relaxed ahead of anticipated lackluster economic data later in the week. Canadian 10-year bonds were most recently quoted up at 95.415.
