Loonnie gains, then loses on oil prices
by Elaine Frei
The Canadian dollar saw early gains Wednesday on OPEC’s announcement that it will cut oil production, but those gains disappeared on new data that showed US oil and gasoline inventories dropped more than anticipated in the week ending 5 September, with the loonie trading at C$1.0734 to its US counterpart at just past noon in New York.
Meanwhile, the yen was weaker Wednesday after an announcement by Lehman Brothers (NYSE: LEH) of a plan to sell part of its assets and cut its dividend to recover credit-market losses.
The news encouraged investors to buy higher-yielding currencies such as the Australia and New Zealand dollars with loans financed with the lower-yielding yen.
In late morning trade in New York, the yen traded at ¥150.9851 to the euro, having regained some of earlier losses, while it was at ¥107.6850 to the US dollar and traded at ¥86.6003 to the Aussie and at ¥71.877 to the kiwi.
Story link: Loonnie gains, then loses on oil prices
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