Canadian dollar slides as U.S.-China tensions weigh on oil prices

Must Read

We did not discuss Exxon; Guyana President says of meetings with Secretary Pompeo

During his meeting with U.S. Secretary of State, Michael R. Pompeo, Guyana’s President Irfaan Ali said that he did...

Yellowtail could add another 220,000 bpd to Guyana output, 7 floaters on the cards – Hess

Though the Hammerhead area was targeted for the fourth development project in the Stabroek block offshore Guyana,...

Pompeo discusses leveraging Guyana’s wealth of natural resources with President Ali

Shortly after arriving in Guyana on Thursday, U.S. Secretary of State Michael R. Pompeo met with President Irfaan Ali, during...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(Reuters) – The Canadian dollar weakened against its U.S. counterpart on Friday as oil prices fell and domestic data showed a record decline in retail sales, with the loonie giving back some of this week’s rally.

At 9:09 a.m. (1309 GMT), the Canadian dollar was trading 0.5% lower at 1.4025 to the greenback, or 71.30 U.S. cents. The currency, which was on track to rise 0.4% for the week, traded in a range of 1.3945 to 1.4039.

The price of oil, one of Canada’s major exports, fell as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis. U.S. crude prices were down 2.7% at $33 a barrel.

Canadian retail sales fell by 10% in March from February as the economy started feeling the effects of the coronavirus pandemic, while the advance results for April indicate a near 16% decline, Statistics Canada said.

Ottawa is rolling out more than C$300 billion in fiscal measures to support Canada’s economy, while the Bank of Canada has slashed interest rates to near zero and begun its first ever large-scale bond-buying program.

On Thursday, Bank of Canada Governor Stephen Poloz said he felt Canada was still on track to meet the best-case scenario for recovery that the central bank released in April, where growth shrinks by 15% in the second quarter compared with the fourth quarter of 2019.

Canadian government bond yields were mixed across a flatter curve, with the 10-year yield down 2.4 basis points at 0.524%.

- Advertisement -

Latest News

We did not discuss Exxon; Guyana President says of meetings with Secretary Pompeo

During his meeting with U.S. Secretary of State, Michael R. Pompeo, Guyana’s President Irfaan Ali said that he did...

2020 expected to be a ‘one and done’ recession as oil demand bounces back – API

The enormous challenges triggered by the COVID-19 pandemic this year have caused major disruptions to the global oil and gas industry resulting...

Yellowtail could add another 220,000 bpd to Guyana output, 7 floaters on the cards – Hess

Though the Hammerhead area was targeted for the fourth development project in the Stabroek block offshore Guyana, the high quality oil discovered...

Pompeo discusses leveraging Guyana’s wealth of natural resources with President Ali

Shortly after arriving in Guyana on Thursday, U.S. Secretary of State Michael R. Pompeo met with President Irfaan Ali, during which the two leaders discussed...

Department of Energy remains operational, actively involved in Payara negotiations – Vickram Bharrat

Guyana’s Minister of Natural Resources, Vickram Bharrat, told Members of Parliament on Tuesday that the Department of Energy (DE) remains operational and...

More Articles Like This