Posted 10/12/2023, 7:30:18 PM
Canadian Dollar Slumps as Inflation Data Boosts U.S. Yields and Greenback
- Canadian dollar hits six-day low against U.S. dollar as bond yields jump on hot inflation data
- Loonie down 0.7% to 1.3690, weakest since last Friday, as U.S. dollar strengthens
- Higher U.S. interest rates make dollar more attractive to foreign buyers
- Canada's economy seen vulnerable to higher rates due to pandemic borrowing
- Oil price drop adds pressure on loonie as crude stockpiles build
- Canadian bond yields track U.S. Treasuries higher across steeper curve
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