Canadian greenback hits 2-month low as Russia assaults Ukraine By Reuters


© Reuters. FILE PHOTO: A Canadian greenback coin, generally often called the “Loonie”, is pictured on this illustration image taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/File Photograph

TORONTO (Reuters) – The Canadian greenback weakened to its lowest degree since December in opposition to its U.S. counterpart on Thursday as Russia’s invasion of Ukraine triggered a flight to security in world monetary markets.

Inventory markets globally slumped and the safe-haven U.S. greenback rallied after the largest assault by one nation in opposition to one other in Europe since World Conflict Two.

The Canadian greenback was buying and selling 0.7% decrease at 1.2819 to the buck, or 78.01 U.S. cents, after touching its weakest intraday degree since Dec. 27 at 1.2847.

Nonetheless, the commodity-linked fared higher than most different G10 currencies. Solely the Japanese yen and the Swiss franc carried out higher in opposition to the buck.

The worth of oil, certainly one of Canada’s main exports, climbed 7.60% to $99.10 a barrel because the invasion added to issues about disruptions to world vitality provide.

Increased gross sales within the petroleum and coal product business helped drive a 1.3% enhance in Canadian manufacturing facility gross sales in January from December, a preliminary estimate confirmed.

Traders caught with bets for the Financial institution of Canada to hike rates of interest subsequent Wednesday for the primary time since October 2018, however longer-term charges tumbled, monitoring the transfer in U.S. Treasuries.

The ten-year yield was down 7.4 foundation factors to 1.900%.

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