Canada’s Dollar Rises Through Parity as Greek-Deal Bets Spur Risk Appetite
Posted in Beavers by: adminCanada’s dollar reversed an advance
against its U.S. counterpart as economic growth in America, the
nation’s biggest trade partner, expanded less than forecast in
the fourth quarter.
The loonie, as the currency is known for the image of the
aquatic bird on the C$1 coin, rose earlier beyond parity with
the greenback for a second day as bets that Greece will reach an
agreement with its creditors increased demand for riskier
assets. The currency was still poised for a weekly advance.
The Canadian dollar depreciated 0.2 percent to C$1.0038 per
U.S. dollar at 8:55 a.m. Toronto time. The decline pared its
weekly gain to 1 percent. One Canadian dollar purchases 99.62
U.S. cents.
U.S. gross domestic product, the value of all goods and
services produced, grew at a 2.8 percent annual pace following a
1.8 percent gain in the prior quarter, Commerce Department
figures showed today in Washington. The median forecast of 79
economists surveyed by Bloomberg News called for a 3 percent
increase. Excluding a jump in inventories, growth was 0.8
percent.
European Union Economic and Monetary Affairs Commissioner
Olli Rehn said earlier Greece was “very close” to reaching
agreement with its private-sector bondholders on a debt swap,
boosting optimism that Europe’s sovereign-debt crisis is easing.
To contact the reporter on this story:
Catarina Saraiva in New York at
asaraiva5@bloomberg.net
To contact the editor responsible for this story:
Dave Liedtka at dliedtka@bloomberg.net
<!—->
Article source: http://www.bloomberg.com/news/2012-01-27/canada-s-dollar-rises-through-parity-as-greek-deal-bets-spur-risk-appetite.html