Speculation Over Economic Data Causes Canadian Dollar To Fall

18 June 2012 12:00pm - Phoebe Robinson

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Speculation Over Economic Data Causes Canadian Dollar To Fall

The Canadian Dollar has fallen due to the negative speculation over the forthcoming economic data due to be released. Canada’s economy is one of the world’s 20th richest economies but it seems a shadow is being cast over the country as the loonie was down 0.41 of a cent to the 97.42 cents US.

Despite the fact apprehension was eased due to the recent Greek election results, in which the Conservative party led by Antonis Samaras won the most votes, which greatly relived concerns that Greece might leave the European Financial block.  However focus has now shifted to Spain. Anxiety over the Spanish economy has worsened as the Canadian dollar dropped against the majority of its counterparts as crude oil fell, due to worries that the Spanish will need a bailout.

Being the largest supplier of crude oil to the U.S who is the world’s prime consumer the fact the futures on crude fell 09 percent a barrel after the worrying drop to $81.07 on the 12th of June the lowest plunge since October is a worrying concept for Canada.

Jeremy Stretch who is the head of strategy at the Canadian Imperial Bank of commerce in London has said that “There’s a lot of Canadian dollar data to watch out for this week, which is another wild card. If that follows the trend that we’ve been seeing in some of the U.S. data, then that might keep the Canadian dollar a little on the defensive.”


 

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Related Links:
• Canadian Imperial Bank of Commerce
Official Website
• Latest News
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• Economic Calendar
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