U.S. Markets closed
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • Dow 30

    35,061.55
    +238.20 (+0.68%)
     
  • Nasdaq

    14,836.99
    +152.39 (+1.04%)
     
  • Russell 2000

    2,209.65
    +10.17 (+0.46%)
     
  • Crude Oil

    72.17
    +0.26 (+0.36%)
     
  • Gold

    1,802.10
    -3.30 (-0.18%)
     
  • Silver

    25.24
    -0.14 (-0.56%)
     
  • EUR/USD

    1.1770
    -0.0003 (-0.0235%)
     
  • 10-Yr Bond

    1.2860
    +0.0210 (+1.66%)
     
  • Vix

    17.20
    -0.49 (-2.77%)
     
  • GBP/USD

    1.3754
    -0.0013 (-0.0977%)
     
  • USD/JPY

    110.5100
    +0.3950 (+0.3587%)
     
  • BTC-USD

    33,646.41
    +1,001.10 (+3.07%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • Nikkei 225

    27,548.00
    +159.80 (+0.58%)
     

CANADA FX DEBT-Canadian dollar extends weekly decline on Fed's hawkish shift

·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

* Canadian dollar weakens 0.3% against the greenback * Touches its weakest level since April 28 at 1.2399 * Price of U.S. oil falls 0.3% * Canadian bond yields rise across the curve TORONTO, June 18 (Reuters) - The Canadian dollar fell to a seven-week low against its U.S. counterpart on Friday and was on track for its biggest weekly decline since March last year, as the Federal Reserve's more hawkish stance weighed on stock markets and commodity prices. Benchmark copper has fallen nearly 8% this week, while oil fell on Friday for a second straight session, down 0.30% at $70.83 a barrel. Canada is a major producer of commodities, which have benefited from Fed stimulus. On Wednesday, the U.S. central bank signaled interest rate hikes could begin in 2023, sooner than previous guidance of 2024. The Canadian dollar was trading 0.3% lower at 1.2388 to the greenback, or 80.72 U.S. cents, after earlier touching its weakest level since April 28 at 1.2399. For the week, it was down 1.8%. Domestic data showed new home prices rising in May at an annual rate of 11.3%, the largest increase since November 2006. On Wednesday, Bank of Canada Governor Tiff Macklem said the central bank is starting to see signs that the country's red-hot housing market is cooling down, although a return to normality will take time. Canadian government bond yields were higher across the curve, with the 10-year up 1.5 basis points at 1.409%. The gap between the 10-year and 2-year rates widened by about half a basis point, after hitting on Thursday its narrowest in nearly four months at 1%. (Reporting by Fergal Smith; editing by Jonathan Oatis)