Market News
Canadian dollar hits 4-1/2-year low near 1.40 per U.S. dollar - REUTERS
- Canadian dollar falls 0.3% against the greenback
- Touches its weakest since May 2020 at 1.3999
- Price of oil settles 0.5% higher
- 10-year yield increases 5.1 basis points
TORONTO, Nov 13 (Reuters) - The Canadian dollar weakened to a 4-1/2-year low against its U.S. counterpart on Wednesday as investors weighed U.S. inflation data and the prospect of a wider divergence in economic growth between America and Canada.
U.S. consumer prices increased as expected in October amid higher costs for shelter such as rents, and progress toward low inflation has slowed in recent months.
That could result in fewer interest rate cuts from the Federal Reserve next year, supportive of the U.S. dollar (.DXY) opens new tab which advanced to a one-year high against a basket of major currencies.
