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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (19521)	12/25/2004 12:24:09 PM
From: RealMuLan	Read Replies (1) of 116555

Canadian Dollar Falls for 4th Straight Week on Slower Economy Dec. 25 (Bloomberg) -- Canada's dollar fell for the fourth straight week on speculation the central bank will refrain from raising its target interest rate in coming months because economic growth remains slow. The dollar has declined the most of the 16 major currencies in the past month, down 4.3 percent against the U.S. dollar. The Bank of Canada left its target interest rate unchanged Dec. 7 and abandoned a pledge to raise interest rates ``over time.'' A report this week showed the economy stagnated in October, the first time since April 2003 the economy hasn't grown for two straight months. ``It's clear that people have responded to the data weakening and decreased Bank of Canada hawkishness,'' said Todd Elmer, a foreign exchange strategist in New York at Barclays Capital Inc., the seventh-biggest currency trader in a Euromoney magazine poll. ``People started to build positions in U.S. dollars'' against the Canadian dollar in the past month, he said. bloomberg.com

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