{"id":1643249,"date":"2022-09-16T15:50:46","date_gmt":"2022-09-16T19:50:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1643249"},"modified":"2022-09-16T15:51:30","modified_gmt":"2022-09-16T19:51:30","slug":"canadian-dollar-hits-near-2-year-low-tsx-falls-as-sentiment-sours","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/canadian-dollar-hits-near-2-year-low-tsx-falls-as-sentiment-sours\/","title":{"rendered":"Canadian dollar hits near 2-year low, TSX falls as sentiment sours"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcanadian-dollar-hits-near-2-year-low-tsx-falls-as-sentiment-sours%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1643249&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Fergal Smith<\/p>\n<p>TORONTO (Reuters) \u2013     The Canadian dollar weakened to its lowest level in nearly two years against the greenback on Friday and Canada\u2019s stock market fell more than 1% as investors grew cautious ahead of domestic inflation data and a Federal Reserve interest rate decision next week.<\/p>\n<p>The Canadian dollar was trading 0.4% lower at 1.3285 per U.S. dollar, or 75.27 U.S. cents, after touching its weakest since November 2020 at 1.3307. For the week, the loonie was down 1.9%, its biggest weekly decline since August 2021.<\/p>\n<p>It follows hotter-than-expected U.S. inflation data on Tuesday that spooked financial markets globally and pushed the U.S. dollar sharply higher against a basket of major currencies.<\/p>\n<p>\u201cThe dollar is an unstoppable juggernaut right now, with higher-than-expected inflation and an ever-more-hawkish Federal Reserve sucking capital into the United States and inflicting damage on the rest of the world economy,\u201d said Karl Schamotta, chief market strategist at Corpay.<\/p>\n<p>Money markets expect the Fed to hike interest rates by three-quarters of a percentage point next Wednesday.<\/p>\n<p>The World Bank said on Thursday that the global economy might be inching toward a recession.<\/p>\n<p>Canada is a major exporter of commodities, including oil, so the loonie tends to be particularly sensitive to the global economic outlook.<\/p>\n<p>In a possible signal that investors expect a recession, the inversion of Canada\u2019s yield curve grew larger.<\/p>\n<p>The 10-year yield fell 68 basis points below the 2-year yield after the latter touched its highest intraday level since December 2007 at 3.870%.<\/p>\n<p>Canada\u2019s inflation data for August is due next Tuesday, with all eyes on measures of underlying price pressures.<\/p>\n<p>\u201cMarket participants, burnt by Tuesday\u2019s U.S. (data)surprise \u2026 are bracing themselves for a range of outcomes,\u201d Schamotta said.<\/p>\n<p>The cautious mood spilled over to the stock market, with both Wall Street and the Toronto stock market trading lower.<\/p>\n<p>\u201cThe markets are in a bit of a risk-off mode,\u201d said Greg Taylor, a portfolio manager at Purpose Investments. \u201cThe really big fear is that we\u2019re going to start to see some earnings warnings from companies as the economy starts to slow down.\u201d<\/p>\n<p>The Toronto Stock Exchange\u2019s S&#038;P\/TSX composite index was down 1.2% at 19,326.70, including declines for technology, energy and financial shares.<\/p>\n<p>For the week, the index was on track to lose 2.3%.<\/p>\n<p> (Reporting by Fergal Smith; Aniruddha Ghosh and Johann Cherian in Bengaluru; editing by Jonathan Oatis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/canadian-dollar-hits-near\/file-photo-a-canadian-dollar-coin-commonly-known-as-the\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8F13C-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8F13C-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Fergal Smith TORONTO (Reuters) \u2013 The Canadian dollar weakened to its lowest level in nearly two years against the greenback on Friday and Canada\u2019s stock market fell more than<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1643249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1643249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1643249"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1643249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1643249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1643249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1643249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}