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Gold/Mining/Energy : Gold Price Monitor

GDXJ 90.47

+0.5%

4:00 PM EST

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To: Ahda who wrote (4488)	12/19/1997 10:08:00 AM
From: Bucky Katt	Read Replies (2) of 116752

Canada dollar hits 11-yr low, central bank intervenes The Canadian dollar tumbled to its lowest point in 11 years on Friday, prompting the central bank to intervene heavily to buy the currency, traders said. Dealers said the central bank began buying the currency at C$1.4285 (US$0.7000), then intervened again at C$1.4292 (US$0.6997), the currency's lowest point in 11 years. The intervention was ineffective, and the currency weakened further to reach US$1.4322 (US$0.6982), they said. The Bank of Canada has been intervening steadily since it was first in the market. Dealers said they had last seen the central bank in at C$1.4320 (US$0.6983). The currency weakened past this level to trade at C$1.4345 (US$0.6971 and was now getting close to its all-time low of C$1.4465 (US$0.6913). Dealers said the currency has weakened so forcefully the Bank of Canada could hike interest rates outside its normal intervention window, which is just before 0900 EST/1400 GMT. ''We're sort of getting into new territory,'' said one currency dealer at a bank-owned brokerage.

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