Canada Dollar Gains Versus Major Peers on Global-Stimulus View


14/07/2012 08:23 AST  Bloomberg

Canada’s dollar rose against most of its 16 major counterparts amid speculation global central banks will take additional steps to sustain wavering economic growth, adding to risk appetite.

The currency reached a lifetime high against the euro yesterday as a report indicated the European Central Bank, which cut its benchmark rate July 5, is prepared to further increase monetary stimulus if the region’s financial crisis worsens. Federal Reserve minutes from its June meeting released this week showed some policy makers think additional stimulus may be required. The Bank of Canada is forecast to hold its policy rate unchanged on July 17.

“The tone has been set in the last week or so by the ECB rate decision,” Stephen Gallo, a foreign-exchange strategist at Credit Agricole SA in London, said in a telephone interview. “We had the Fed minutes out this week.”

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