{"id":1219,"date":"2023-09-07T03:20:08","date_gmt":"2023-09-07T03:20:08","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/cad-canadian-dollar-hits-5-month-low-daily-times\/"},"modified":"2023-09-07T03:20:08","modified_gmt":"2023-09-07T03:20:08","slug":"cad-canadian-dollar-hits-5-month-low-daily-times","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/cad-canadian-dollar-hits-5-month-low-daily-times\/","title":{"rendered":"CAD: Canadian dollar hits 5-month low – Daily Times"},"content":{"rendered":"
\n

\u00a0<\/p>\n

The Canadian dollar (CAD) weakened to a five-month low against its U.S. counterpart on Tuesday as investors assessed weak Chinese data and awaited a Bank of Canada interest rate decision, but higher oil prices capped the currency\u2019s decline.<\/p>\n

The loonie was trading 0.3% lower at 1.3636 to the greenback, or 73.34 U.S. cents, after touching its weakest level since March 28 at 1.3669.<\/p>\n

\u201cThe weak Chinese services PMI, I think that was the big reason for the drop overnight,\u201d said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull. \u201cNew lows this morning but oil has brought it back.\u201d<\/p>\n

China\u2019s services activity expanded at the slowest pace in eight months in August as weak demand continued to dog the world\u2019s second-largest economy.<\/p>\n

Jitters over global growth, particularly in China, led to investors flocking to the safe-haven U.S. dollar. It climbed against a basket of major currencies, adding to its gains in recent weeks as bond yields climbed.<\/p>\n

\u201cI think we are going to have to see something much more constructive on the commodity front, on the U.S. rates front before CAD can turn around,\u201d Bregar said.<\/p>\n

The price of oil settled 1.3% higher at $86.69 a barrel after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts.<\/p>\n

Investors have raised bets that the Canadian central bank will hold its key interest rate steady at 5.00% on Wednesday after recent data for the second quarter showed a surprise contraction in Canada\u2019s economy.<\/p>\n

A majority of economists in a Reuters poll expect the BoC to move to the sidelines. .<\/p>\n

Canadian government bond yields rose across the curve, tracking moves in U.S. Treasuries. The 10-year was up 12.6 basis points at 3.695%.<\/p>\n

\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0 The Canadian dollar (CAD) weakened to a five-month low against its U.S. counterpart on Tuesday as investors assessed weak Chinese data and awaited a Bank of Canada interest rate decision, but higher oil prices capped the currency\u2019s decline. The loonie was trading 0.3% lower at 1.3636 to the greenback, or 73.34 U.S. cents, after […]<\/p>\n","protected":false},"author":2,"featured_media":1220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/dailytimes.com.pk\/assets\/uploads\/2023\/09\/06\/GettyImages-122674989-5a1b85447bb2830019a7237b.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-1219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-updates-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/1219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=1219"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/1219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/1220"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=1219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=1219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=1219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}