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Strategies & Market Trends : Sharck Soup

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To: jeffersonkeith who wrote (14191)	4/1/2001 11:19:17 PM
From: Sharck	Read Replies (2) of 37746

The Canadian peso closed on Friday at 63.44 cents US, a 2 1/2 year low, just before hitting an all time low of 63.31 cents US earlier in the day. Things are uncertain in the global economy and the capital flows go to the safest havens which has traditionally been the US greenback. The BOC has not used any of the governments $30 billion to defend the peso as there is no threat for a run on it, other currencies suffered the same fate including the euro and the yen. Actually this week, Canada has released stronger then expected economic growth as GDP was up slightly. Good for exporters, bad for anyone on vacation south of the border. How long could it last, well, currencies forward mkts are a derivative of interest rates. Finance Minister Paul Martin has pledged he would follow the US rate cuts so don't expect any bounce soon...

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