The Canadian dollar weakened to a 12-day low against its U.S. counterpart on Wednesday as oil prices fell and after the cancellation of October\u2019s U.S. jobs report reduced expectations for a rate cut next month by the Federal Reserve.<\/p>\n
The loonie was trading 0.5% lower at 1.4060 per U.S. dollar, or 71.12 U.S. cents, after touching its weakest intraday level since November 7 at 1.4065. The decline was the steepest for the currency since July 7. <\/p>\n
The U.S. Bureau of Labor Statistics said it would not be publishing the closely watched employment report for October, but will combine nonfarm payrolls for that month with November\u2019s report. November\u2019s employment report will be released on December 16, which is after the Federal Reserve\u2019s December 9-10 policy meeting.<\/p>\n
\u201cThe news we\u2019re not going to get the October non-farm payroll before the December Fed policy decision has cut back on (U.S.) rate cut expectations quite a bit,\u201d said Shaun Osborne, chief currency strategist at Scotiabank.<\/p>\n
\u201cI wouldn\u2019t be at all surprised to see expectations effectively fall to zero in the next while unless we get a very weak September payroll report.\u201d<\/p>\n
The BLS will publish on Thursday September\u2019s employment report, which was delayed by the 43-day government shutdown. <\/p>\n
The U.S. dollar rose against a basket of major currencies. <\/p>\n
Investors see a 73% chance the Fed will leave interest rates on hold in December. The price of oil, one of Canada\u2019s major exports, settled 2.1% lower at $59.44 a barrel after a report of a U.S. proposal to end the Russian war in Ukraine. <\/p>\n
The Bank of Canada is also expected to leave policy unchanged next month. It called for a coordinated economy-wide approach to boost weak productivity, an issue it said was becoming more pressing in the face of challenges caused by U.S. trade policy.<\/p>\n
Canadian bond yields were mixed across the curve, with the 10-year little changed at 3.249%.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar weakened to a 12-day low against its U.S. counterpart on Wednesday as oil prices fell…\n","protected":false},"author":2,"featured_media":295163,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-295162","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/295162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=295162"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/295162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/295163"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=295162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=295162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=295162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}