Loonie at 74.32 U.S. cents
weakened to its lowest level in nearly one week against its U.S. counterpart on Monday as investors worried the Federal Reserve will raise interest rates further and keep them at higher levels for longer.
Equity markets globally fell and the safe-haven U.S. dollar gained ground against a basket of major currencies after Friday’s blockbuster U.S. jobs report ran counter to hopes that the Fed will soon pause its aggressive tightening campaign and then shift to cutting rates later this year. The Bank of Canada has already signaled a pause. Its governor, Tiff Macklem, is due to speak on Tuesday. Investors will also be looking to the release of Canadian jobs data at the end of the week for clues on the strength of the domestic economy.
The Canadian dollar was trading 0.4 per cent lower at 1.3455 to the greenback, or 74.32 U.S. cents, after touching its weakest since last Tuesday at 1.3459. The price of oil, one of Canada’s major exports, rallied but was still trading near three-week lows. U.S. crude prices were up 0.4 per cent at $73.66 a barrel.The 10-year touched its highest since Jan. 12 at 3.048 per cent before dipping to 3.013 per cent, up 8.4 basis points on the day.Your Globe
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