Monday, April 23, 2007

Loonie Sees Mixed Trading Early Monday In New York, Monday, April 23, 2007 5:21:11 AM

The Canadian currency showed mixed trading early Monday in New York. The loonie stood little changed against the dollar, but it remained higher against the euro and the pound by about 5:00 am ET. On the other hand, the Canadian currency showed weakness against the Japanese yen.

The deals in the European session came amid a lack of key releases from the major economies. The market is now turning towards the rate decision by the Bank of Canada done on Tuesday. The BoC is not expected to alter its benchmark interest rate from current 4.25%.

The Canadian dollar moved sideways against the US dollar in the very early deals on Monday in New York. The pair lost ground at 3:20 am, when it was worth 1.1235. After half an hour, the greenback rebounded from 1.1215 and the pair leveled its previous quotes. As of 5:15 am ET, the pair traded at 1.1237.

The Canadian currency rallied against the euro during the small hours on Monday in New York. The pair started trading downwards at 12:45 am ET, and moving from 1.5276 it collected as low as 1.5225 at 4:00 am. The pair then moved sideways, and was equal to 1.5242 at 5:15 am ET.

Against the British currency, the Canadian dollar steadied higher during the very early deals on Monday in New York. The pair thus moved from 2.2522 to 2.2438 within about a couple hours of 12:40 am Eastern Time. The pair then moved sideways ranging between 2.2445 and 2.2479.

The Canadian currency weakened against the Japanese yen early Monday in New York. The pair lost ground at 12:35 am, and it fell from 105.61 to 105.27 within just an hour. The pair then saw choppy trading, and was quoted at 105.40 at 5:15 am ET.
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