Loonie at 76.44 U.S. cents
weakened against its U.S. counterpart on Tuesday, pulling back from its highest level in nearly three weeks, as U.S. inflation data bolstered bets that the Federal Reserve would continue to tighten aggressively.jumped as U.S. consumer prices unexpectedly rose in August from July, cementing bets of a third straight 75-basis-point interest rate hike from the Federal Reserve next week.
The price of oil, one of Canada’s major exports, reversed earlier gains, with U.S. crude futures down 0.3% at $87.54 a barrel. The Canadian dollar was trading 0.7% lower at 1.3083 to the greenback, or 76.44 U.S. cents, after earlier touching its strongest since Aug. 26 at 1.2955. Meanwhile, bets rose that the Bank of Canada would raise its benchmark interest rate by 50 basis points rather than 25 basis points at its next policy decision on Oct. 26.Canadian government bond yields were higher across the curve, tracking the move in U.S. Treasuries. The 2-year jumped 10.2 basis points to 3.705%, while the 10-year was up 4.7 basis points at 3.191%.
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