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Forex News: Canadian Dollar Falls As Oil Prices Drop

Canadian Dollar Falls As Oil Prices Drop

08/13/2019 - 09:32:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its key counterparts in the European session on Tuesday amid falling oil prices, as worries about demand growth amid a deepening U.S.-China trade war offset fresh efforts by OPEC and its non-OPEC partners to curb supply.

Crude for September delivery fell $0.41 to $54.51 per barrel.

Singapore's government cut its forecast for economic growth this year to almost zero against a challenging external macroeconomic backdrop and the deepening downturn in the global electronics cycle.

As the U.S.-China trade row escalates, investors await to see whether OPEC will significantly slash production in the coming year to counter sliding demand.

Saudi Arabia, the de-facto leader of the OPEC, said late last week it is taking steps to keep its crude oil exports below 7 million barrels per day in August and September.

The loonie traded mixed against its major counterparts in the Asian session. While it rose against the euro and the yen, it held steady against the greenback. Against the aussie, it trended lower.

The loonie fell to a 6-day low of 79.14 versus the yen, from a high of 79.73 hit at 10:45 pm ET. The loonie is seen finding support around the 77.00 level.

Data from the Bank of Japan showed that Japan producer prices were flat on month in July, following the 0.5 percent drop in June.

On a yearly basis, producer prices sank 0.6 percent after easing 0.1 percent in the previous month.

The loonie depreciated to a 5-day low of 1.3289 against the greenback from Monday's closing value of 1.3238. The next possible support for the loonie is seen around the 1.35 level.

Data from the Labor Department showed that U.S. consumer prices rose in line with economist estimates in the month of July.

The consumer price index climbed by 0.3 percent in July after inching up by 0.1 percent in both May and June. Economists had expected prices to rise by 0.3 percent.

The loonie slipped to a 5-day low of 1.4914 against the euro, compared to Monday's closing quote of 1.4844. The loonie is poised to find support around the 1.50 region.

Survey data from the ZEW - Leibniz Centre for European Economic Research showed that Germany's investor confidence dropped sharply in August to its lowest level since the end of 2011.

The ZEW Indicator of Economic Sentiment for Germany tumbled to -44.1 from -24.5 in July, reaching its lowest level since December 2011.

Extending early decline, the loonie slid to a 4-day low of 0.8983 against the aussie. The loonie is likely to find support around the 0.93 level, if it falls further.

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