Canadian Dollar Falls On Weakening Oil Prices
09 Enero 2017 - 3:22AM
RTTF2
The Canadian dollar weakened against its major counterparts in
the European session on Monday, as oil prices declined on
indications of increasing oil output from the U.S. and rising oil
exports from Iran, outweighing optimism over the efforts by the
OPEC and other nations to reduce global output.
Crude for February delivery declined $1.10 to $52.89 per
barrel.
Data from oil service provider Baker Hughes showed last week
that oil rig count rose for the 10th consecutive week, increasing
by 4 to 529 in the week ended December 30.
OPEC's second-biggest producer Iraq sold over 13 million barrels
of oil held on tankers at sea, while its exports from Basra port
grew by a record 3.51 million barrels per day in December.
European stocks are mostly lower, with a slew of negative
corporate news and resurfacing hard-Brexit worries dampening
investor sentiment.
The currency has been trading in a negative territory against
its major rivals in the Asian session, with the exception of the
yen.
The loonie weakened to a 4-day low of 1.3277 against the
greenback, compared to Friday's closing value of 1.3237. If the
loonie extends slide, 1.34 is possibly seen as its next support
level.
The loonie was trading lower at 1.3957 against the euro, off its
early high of 1.3932. Continuation of the loonie's downtrend may
see it challenging support around the 1.42 mark.
Preliminary data from Eurostat showed that Eurozone jobless rate
remained unchanged in November at its lowest level since the middle
of 2009.
The seasonally adjusted unemployment rate was 9.8 percent,
unchanged from October, and in line with economists' expectations.
The rate was the lowest since July 2009.
Reversing from an early high of 0.9654 against the aussie, the
loonie dropped to 0.9725. The loonie is poised to find support
around the 0.98 area.
The latest survey from the Australian Industry Group showed that
Australia's construction sector continued to contract in December,
albeit at a slower pace, with a Performance of Construction Index
score of 47.0.
That's up from 46.6 in November, although it remains beneath the
boom-or-bust line of 50 that separates expansion from
contraction.
The loonie, having advanced to more than a 3-week high of 88.66
versus the yen at 12:00 am ET, reversed direction and edged down to
87.84. Further weakness may take the loonie to a support around the
86.00 zone.
Looking ahead, the Federal Reserve Bank of Atlanta President
Dennis Lockhart speaks on monetary policy before the Rotary Club of
Atlanta at 12:45 pm ET.
Federal Reserve Bank of Chicago President Charles Evans speaks
on economic outlook before the CFA Society Chicago at 1:00 pm
ET.
The U.S. consumer credit for November is due at 3:00 pm ET.
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