This translation has been automatically generated and has not been verified for accuracy.The Canadian dollar weakened against its U.S. counterpart on Thursday as concern about the economic impact of the coronavirus outbreak rose and ahead of a speech by the governor of Canada’s central bank, which slashed rates the day before.
At 10:10 a.m., the Canadian dollar was trading 0.2 per cent lower at 1.3409 to the greenback, or 74.58 U.S. cents. The currency, which last Friday hit a nine-month low at 1.3465, traded in a range of 1.3383 to 1.3432. The Bank of Canada said on Wednesday the virus outbreak was “a material negative shock” to the Canadian and global outlooks as it slashed its benchmark interest rate by 50 basis points, its largest cut in more than 10 years. Governor Stephen Poloz is due to deliver an economic progress report on Thursday, with the text set for release at 12:45 ET.U.S.
The price of oil, one of Canada’s major exports, declined as the epidemic showed no signs of slowing, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision. U.S. crude oil futures were down 0.3 per cent at $46.66 a barrel.
Canadian bond yields fell across the yield curve, with the 10-year down 12.3 basis points at 0.897 per cent. On Wednesday, the 10-year yield touched a record low at 0.857 per cent.Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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