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CANADA FX DEBT-C$ falls more than 1% as risk-off sentiment sweeps markets

·2 min read

* Canadian dollar slides 1.1% against the greenback * Touches its weakest since June 23 at 1.3010 * Price of U.S. oil falls 2.8% * Canadian 10-year yield hits a near one-month low By Fergal Smith TORONTO, July 5 (Reuters) - The Canadian dollar fell against its broadly stronger U.S. counterpart on Tuesday and was on track for its biggest decline in nearly four weeks, as worries about the global economic outlook weighed on investor sentiment. The loonie was trading 1.1% lower at 1.30 to the greenback, or 76.92 U.S. cents, after touching its weakest since June 23 at 1.3010. The last time the currency fell by as much as 1.1% was on June 9. Equity markets globally fell and the safe-haven U.S. dollar climbed against a basket of major currencies as a jump in natural gas prices reignited worries about the euro zone economy, weighing on the euro . "A solid bout of risk-off sentiment is sweeping through asset classes this morning," Derek Holt, vice president of capital markets economics at Scotiabank, said in a note. "CAD and shorter-term rates continue to ignore the BoC's twin business and consumer surveys that came out yesterday." Consumer inflation expectations surged in Canada, hitting fresh highs in the short-term and up "significantly" over the long-term, a Bank of Canada survey showed on Monday, bolstering calls for a very rare 75-basis point interest rate increase at a policy decision next week. Data on Tuesday showed that the value of Canadian building permits rose by 2.3% in May from April. The price of oil, one of Canada's major exports, fell as concerns of a possible global recession curtailing demand outweighed supply disruption fears. U.S. crude prices were down 2.8% at $105.44 a barrel. Canadian government bond yields were lower across a flatter curve, tracking the move in U.S. Treasuries. The 10-year eased 8.4 basis points to 3.091%, its lowest since June 6. (Reporting by Fergal Smith Editing by Mark Heinrich)