Loonie at 75.87 U.S. cents
weakened to its lowest level in 20 months against its U.S. counterpart on Thursday as the potential for the Federal Reserve to consider a full percentage point interest rate hike this month pressured financial markets.
“Risk aversion is dragging the CAD lower after the BoC’s bold move yesterday,” strategists at Scotiabank, including Shaun Osborne, said in a note, adding that speculation the Fed could hike by 100 basis points is driving “risk-off trading.” The currency’s loss was the heaviest among G10 currencies, while it touched its weakest since November 2020 at 1.3195.
Canadian government bond yields were higher across a more deeply inverted curve, tracking the move in U.S. Treasuries.
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