6 August
Canadian dollar reaches three-week low as US assets gain appeal
The Canadian dollar fell to a three-week low against the greenback on Thursday as encouraging US economic data boosted the appeal of American assets, Reuters reports.
Corpay says that US GDP growth has not slowed down, even after the government imposed import tariffs on major trade partners.
American employers are keeping jobs, consumers continue to spend, and corporate profits of local companies keep growing. As a result, US assets are attracting capital flows, Corpay notes. This, in turn, is putting pressure on the Canadian dollar.
Canada’s 10-year bond yield dropped to 3.566% after reaching a one-year peak of 3.629%. The government aims to increase bond issuance by 31% this fiscal year, Reuters reports.
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