Tuesday, November 08, 2005


US Dollar Rally

Bloomberg reports on the dollar rally. "Canada's dollar fell for a fifth straight day and joined 10 other major currencies in sliding against a rallying U.S. dollar. Prices of commodities such as oil declined, contributing to the Canadian dollar's longest slump since April."

"Falling prices for energy and other commodities, which account for 35 percent of Canada's exports, may decrease demand for the Canadian currency by damping the outlook for the nation's economic growth. The U.S. dollar, the currency of Canada's largest trading partner, advanced against 10 of the 16 most actively traded currencies on the prospect the U.S. central bank will extend its interest-rate increases."

"Canada's dollar fell to 83.75 U.S. cents as of 9:08 a.m. in Toronto from 84.27 U.S. cents late yesterday, dropping to the weakest since August. It was the currency's first five-day slump since April."

"Canadian housing starts fell to a 206,700 unit pace in October from a revised a 229,600 unit pace in September. Economists expected starts of 225,000."

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