Loonie Unchanged Against Yen, Weak Against Other Majors-European Session Wednesday, Wednesday, April 25, 2007 6:10:06 AM
The Canadian currency saw mixed trading during the European session on Wednesday. The loonie weakened against the dollar, the euro and the pound, but it stood little changed against the yen towards the end of the session.The Bank of Canada had decided its monetary policy for the month of April on Tuesday leaving the benchmark interest rate unchanged at 4.25%.
No key economic releases are expected from Canada on Wednesday, and the traders are largely looking forward to the monetary policy report by the BoC expected by late morning, Thursday in New York.
The Canadian currency weakened against the US dollar into the very early deals on Wednesday. The pair strengthened from the midnight close of 1.1203 to 1.1225 by about 4:05 am ET. The pair then lost its upward momentum, but started bouncing back, shortly. At 6:05 am ET, the US dollar fetched 1.1222 Canadian dollars.
The euro moved upwards against the Canadian currency early Wednesday until the German IFO data was released. The release weakened the pair briefly, but it started trading higher again, shortly. As of 6:05 am ET, the euro was equal to 1.5316 loonie. This is compared with the 1.5266, which was the small morning low of the pair, hit at 1:30 am ET.
The British currency gained ground against the Canadian dollar at 1:00 am ET on Wednesday. Climbing up from 2.2433 the pair traded at 2.2506 at 3:05 am before changing it direction. At 4:45 am, the pair regained its momentum and as of 6:05 am ET, it was equal to 2.2495.
The Canadian currency lost ground against the Japanese yen at about 12:50 am ET on Wednesday. Moving down from 105.79 the pair traded at 105.48 at 2:20 am ET. The loonie then rallied, and was quoted at 105.74 by about 6:05 am ET. This nearly leveled the midnight quotes of the pair.
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posted by Kalin Tasev @ 4:05 AM
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