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Canadian dollar slips to a six-day low amid global growth worries

ForexJan 14, 2019 09:40
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© Reuters. Canadian dollar slips to a six-day low amid global growth worries

* Canadian dollar falls 0.1 percent against the greenback

* Price of U.S. oil falls 1.1 percent

* Canadian home prices fall for 3rd straight month in Dec

* Canadian bond prices rise across a flatter yield curve

TORONTO, Jan 14 (Reuters) - The Canadian dollar weakened to a six-day low against its U.S. counterpart on Monday, reducing gains since the start of the year after data showing a drop in Chinese imports and exports raised fears of a slowdown in the global economy.

Chinese exports unexpectedly fell the most in two years in December, while imports also contracted, pointing to further weakness in the world's second largest economy in 2019 and deteriorating global demand. is running a current account deficit and exports many commodities, including oil, so its economy could be hurt if the global economy slows.

U.S. crude CLc1 prices were down 1.1 percent at $51.05 a barrel, while stocks also lost ground. 9:13 a.m. EST (1413 GMT), the Canadian dollar CAD=D4 traded 0.1 percent lower at 1.3274 to the greenback, or 75.34 U.S. cents. The currency touched its weakest since Jan. 8 at 1.3297.

Still, the loonie has rallied 1.4 percent since the beginning of 2019 after falling 7.8 percent last year.

The Canadian dollar is expected to rally further in 2019, recovering some of last year's decline, as the Bank of Canada surprises speculators who are betting it has already finished raising interest rates, a Reuters poll showed. week, the Bank of Canada held rates steady as expected but said more rate increases would be necessary, even though low oil prices and a weak housing market will harm the economy in the short term. home prices fell in December for the third consecutive month, data on Monday showed. The Teranet-National Bank Composite House Price Index was off 0.3 percent last month from November. inflation report for December is due on Friday.

Canadian government bond prices were higher across a flatter yield curve, with the two-year CA2YT=RR up 3 Canadian cents to yield 1.876 percent, and the 10-year CA10YT=RR rising 21 Canadian cents to yield 1.934 percent.

Canadian dollar slips to a six-day low amid global growth worries
 

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