Loonie hits near 1-week low as oil prices fall By Reuters


© Reuters. Loonie hits near 1-week low as oil prices fall

* Canadian dollar falls 0.1% against the greenback

* Loonie touches a six-day low at 1.3219

* Canadian new home prices fall 0.1% in July

* Canadian bond prices rise across a flatter yield curve

TORONTO, Sept 12 (Reuters) – The Canadian dollar weakened to a six-day low against its U.S. counterpart on Thursday as oil prices fell and as the greenback broadly climbed after the European Central Bank announced measures to boost the region’s economy.

At 9:38 a.m. (1338 GMT), the Canadian dollar CAD=D4 was trading 0.1% lower at 1.3204 to the greenback, or 75.73 U.S. cents. The currency touched its weakest since last Friday at 1.3219.

The edged lower even as U.S. President Donald Trump said the United States would delay scheduled tariff hikes on billions worth of Chinese imports, boosting stocks on Wall Street. exports many commodities, including oil, so its economy could benefit from a cooling in global trade tensions.

Oil prices declined after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. crude oil futures were down 2.3% at $54.46 a barrel, while the U.S. dollar climbed against a basket of major currencies after the euro was pressured by ECB stimulus measures, including the unexpected relaunch of a quantitative easing program. data from Statistics Canada showed that new home prices fell 0.1% in July. Prices have been flat or falling since August 2018. government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries. The two-year rose 8 Canadian cents to yield 1.546% and the 10-year was up 55 Canadian cents to yield 1.367%.

On Wednesday, the 10-year yield posted its highest intraday level since Aug. 1 at 1.442%.

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