NEW YORK The dollar edged lower against a basket of currencies on Wednesday, trading near a three-month low, even as a risk-on rally in global financial markets appeared to stall after U.S. data showed a less-than-rosy economic picture.
* Bitcoin shy of 2017 record
(New throughout, updates prices, market activity, comments to
U.S. market open; previous LONDON)
NEW YORK, Nov 24 The U.S. dollar fell and the
Treasury yield curve steepened on Tuesday as investors hoped
that President-elect Joe Biden's expected nomination of former
Federal Reserve Chair Janet Yellen as Treasury Secretary could
ease the passage of a potential fiscal stimulus package.
NEW YORK President-elect Joe Biden is likely to start his term faced with the worst public health crisis in decades and an economy still reeling from a sharp coronavirus-led contraction earlier this year.
* Losses come after big paydays from falling prices
(Updates with U.S. short selling losses)
The Canadian dollar edged lower against its U.S. counterpart on Tuesday, retreating from the more than two-year high hit in the previous session after a promising coronavirus vaccine development boosted demand for riskier currencies.
* Canadian dollar falls 0.2% against the greenback
* Canadian bond yields rise across the curve
By Saqib Iqbal Ahmed
Nov 10 The Canadian dollar fell against its U.S.
counterpart on Tuesday, retreating from the more than 2-year
high hit in the previous session after a promising coronavirus
vaccine development boosted demand for riskier currencies.
The Canadian dollar was trading 0.2% lower at 1.3024
to the greenback, or 76.76 U.S. cents, pulling back from its
strongest intraday level in more than two years on Monday at
The U.S. dollar edged up on Tuesday and the yen stayed low,
as investors remained optimistic about progress towards a
COVID-19 vaccine, although the moves were more tempered than in
the previous session.
"The Canadian dollar rallied to its highest level against
the U.S. dollar in a little over two years yesterday before the
pro-risk rally stalled," Shaun Osborne, chief currency
strategist at Scotiabank, said in a note.
"But the fact that the Canadian dollar is down, if only
modestly, on the session so far, suggests markets are
recalibrating after yesterday’s failed CAD rally," Osborne said.
The loonie found some support from continued strength in the
price of oil, one of Canada's major exports.
Oil prices rose on Tuesday as hopes that a COVID-19 vaccine
could be on the horizon outweighed the expected negative impact
on fuel demand of new lockdowns to curb the virus.
Canadian government bond yields were higher across the
curve, with the 10-year up 4.8 basis points at
(Reporting by Saqib Iqbal Ahmed
Editing by Nick Zieminski)
NEW YORK Value stocks notched their best one-day performance against their growth-focused peers ever, by one measure, after Monday's news of an effective vaccine against the coronavirus sent investors into shares of companies expected to benefit the most from an economic recovery.