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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: Swami who wrote (19686)	7/22/1999 10:21:00 AM
From: New Economy	Read Replies (1) \| Respond to of 62348

NLC-T & NNC Eating through wall @ 38.80 soon 39.00 next small R; NLC-T Looks like the shake out is over bids coming in again.

To: Swami who wrote (19686)	7/22/1999 10:11:00 PM
From: LABMAN	Respond to of 62348

CDN DOLLAR WEAKENS July 22, 9:37 pm Eastern Time Canada dollar slips sharply after Greenspan CANADA OPEN 1.5027 PREVIOUS CLOSE 1.4997 DAILY HIGH 1.5117 OVERNIGHT HIGH 1.5056 LOW 1.4986 LOW 1.4985 -------------------------------------------------------------- TORONTO, July 22 (Reuters) - The Canadian dollar plunged on Thursday afternoon on heavy speculative selling, weakening past C$1.5100 in the absence of strong U.S. dollar resistance. Stop-loss activity emerged in heavy volume as a second wave of selling, following an inflation warning from the U.S. central bank governor, dealt a further blow to the already vulnerable Canadian currency. In his semi-annual testimony to the U.S. House banking committee, Federal Reserve Board Chairman Alan Greenspan said the Fed would act ''promptly and forcefully'' if evidence of rising inflation emerged, and that it would need to be especially alert to inflation risks. Caught off guard, North American stocks and bond prices fell sharply on his comments. Greenspan also said there was the risk of a ''euphoric'' run-up in stock prices. ''There's been an incredible amount of volatility not only in the Canadian dollar but all the markets, and that unsettling feeling in the markets in general is hurting the Canadian dollar,'' said Jack Spitz, regional manager, treasury financial markets, at National Bank of Canada. Greenspan's comments stirred up expectations of the Fed raising interest rates again to fight inflation and favored the U.S. dollar, particularly when the Bank of Canada is seen keeping easy money policy to support the domestic economy. ''I'm not prepared to say that what I'm saying is a watershed, a shift of asset allocation out of Canada and into Europe and Japan,'' Spitz said. ''I still think there are many short-term speculative interests that are involved in this market. They will continue to push it until they start to meet some resistance.'' The euro and the yen are in the limelight this week. Europe's single currency has rebounded from recent lows, while yen buying against key units persisted despite recent dollar-supportive interventions by central banks. The U.S. dollar plummeted toward 116 yen, a five-month low, from above 118 yen on Thursday. On the crosses, the Canadian dollar also fell to 77.11 yen from 78.73 yen at the previous close here, and was weaker against the euro at C$1.5891 after C$1.5782. Buying of Canadian dollars has been cautious as market players hear news of labor disputes and job cuts in Canada. The country also faces large-scale government bond maturities and coupon payments in early August, which could put downward pressure on domestic bond prices and indirectly hurt the Canadian currency. For Reuters bond and money market pricing information double click on one of the following: (CDBN - news) Canadian bond prices (CDMM - news) (CDMN - news) <0#CAMMKT=> Canadian money market prices (CABONEA - news) Canada-U.S. spreads (live) World yield index 30 year benchmark <0#CGB:> (MEIRP - news) - Montreal Exchange bond futures pricing information Bank of Canada monetary conditions index (Reuters calculation) Canada's call loan or overnight lending rate <=CAD> Canadian dollar G10 trade-weighted index. For the fixed-income market speed guides, double click on one of the following: (BONDS - news) (TREASURY - news) For related news, double click on one of the following: [CAN] Canadian news [NAT] North American Treasuries news [M] Money news [D] Debt news [MF] Markets news [GVD] Government debt news [MMT] Money market news [INT] Interest rate news [CEN] Central bank news [CA/] Canadian bond market stories More Quotes and News: CDMM - news; CABONEA - news; CDBN - news; CDMN - news; TREASURY - news; MEIRP - news; BONDS - news Related News Categories: Canadian Market News, international, US Market News Help