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CANADIAN FX DEBT- C $ increases weekly gain as investors applaud US inflation data

By on June 25, 2021 0

* The Canadian dollar strengthens by 0.2% against the greenback * For the week, the loonie is on track to increase by 1.4% * The price of US oil increases by 0.3% * The yield 10-year Canadian dollar drops about half a basis point to 1.410% TORONTO, June 25 (Reuters) – The Canadian dollar edged up against its US counterpart on Friday as oil prices climbed and the US inflation data eased concerns over the Federal Reserve’s more hawkish stance, with the currency adding to this week’s gains. The loonie was trading up 0.2% to 1.2294 against the greenback, or 81.34 cents US. It was on track to gain 1.4% for the week, after four consecutive weekly declines. Wall Street rose and the US dollar fell against a basket of major currencies as core inflation in the US rose at a slower-than-expected pace in May. Investors have struggled to interpret signals from the Fed about how ready it is to let inflation run. Last week, the central bank predicted it would start raising interest rates in 2023 rather than 2024. The price of oil, one of Canada’s top exports, was on track for a fifth gain Weekly back-to-back on demand growth expectations will exceed supply and OPEC + producers be careful returning more supply to the market from August. US crude prices rose 0.3% to $ 73.50 a barrel. Canadian government bond yields were mixed on a flatter curve. The 10-year eased by about half a basis point to 1.410% but held well above the 3.5-month low it hit last Friday at 1.364%. (Reporting by Fergal Smith; editing by Jonathan Oatis)