The currency received a boost after the last Bank of Canada meeting in which the central bank indicated it would begin tapering of bond-buying.
There was no specific catalyst for Thursday s move higher but the loonie has been correlated to the S&P 500, which gained on the day, said Erik Bregar, head of currency strategy at the Exchange Bank of Canada. I think we ve seen just enough of a buoyant sentiment in stocks to keep the Canadian dollar close to its session highs, he said in an interview.
The S&P/TSX composite index closed down 19.76 points to 19,290.98 after hitting an intraday low of 19,181.87.
May 7, 2021
For most Texans, the widespread blackouts after a winter storm this February were a nightmare. In addition to at least a hundred deaths, households and other electricity users in the state were forced to pay tens of billions of worth of electricity bills.
The state’s electricity market, unlike those in most US states, has relatively few guardrails against wild price swings. Those price spikes are intended to reward power companies that keep the power flowing when demand is high. After half the state’s power plants were knocked offline by freezing temperatures, electricity prices for those households that still had power went through the roof.
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Economic recovery: Low rates are playing a starring role
But only recently. They take time to have an effect, and they need to stay low for a long time. 00:02
The extended low-rate outlook should encourage more risk-taking by firms. This is the best news low rates will have on the real economy. Image: Waldo Swiegers, Bloomberg
Effectively, the nominal repo rate is at its lowest level in 48 years in South Africa.
The last time South Africa had to lower interest rates to this level was during the Yom Kippur War and oil crisis of 1973.
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TORONTO Canada s main stock index slipped despite positive moves by the commodities sectors while the loonie hit its highest level in more than three years. The Canadian dollar topped 82 cents US for the first time since September 2017, but slipped just below that threshold as stock markets closed. It traded for 81.97 cents US compared with 81.49 cents US on Wednesday. The currency received a boost after the last Bank of Canada meeting in which the central bank indicated it would begin tapering of bond-buying. There was no specific catalyst for Thursday s move higher but the loonie has been correlated to the S&P 500, which gained on the day, said Erik Bregar, head of currency strategy at the Exchange Bank of Canada.
Gold Prices Forecast: Hawkish Fed Comments May Cloud the Outlook
Markets remained jittery about Fed tapering risk following hawkish comments from an official
The world’s largest gold ETF saw continuous outflow, albeit at a slower pace
Gold prices rebounded modestly early in the APAC trading session as the 10-year Treasury yield pulled back from Friday’s high. Risk appetite appears to be subdued as Chinese and Japanese markets are closed for holidays. Still, the market remained jittery about potential Fed tapering after Robert Kaplan, the president of the Dallas Federal Reserve, said it’s time to start debating a reduction in bond purchases.