Posted On: August 29, 2012
The value of the Canadian dollar edged down against its southerly rival on Wednesday, slipping away from the 3-plus month high it notched on Tuesday, according to
Investors were apprehensive about aggressive action 48 hours prior to what's expected to be a major speech by chairman Ben Bernanke with the U.S. Federal Reserve before central bankers in Jackson Hole, Wyoming. He also is likely to touch on discussions about a third round of quantitative easing, which also is widely anticipated.
"It won't be for a lack of data but the market itself is myopic with respect to Jackson Hole and it's long on anticipation and it's short on tolerance," managing director of foreign exchange
Jack Spitz with National Bank Financial told Reuters.
One key individual who will not be in attendance on Friday is European Central Bank President Mario Draghi, amid increasing speculation that he is preparing to announce extraordinary measures in an effort to reduce borrowing costs in Spain and Italy.
The Canadian Press reports
the loonie also was impacted by losses on Wednesday to oil, which is Canada's top export.
Category: Industry News
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