Canada’s Dollar Drops as Risk Appetite Shrinks After Yen Move
This article is for subscribers only.
Canada’s dollar slid from the strongest level in almost three months versus its U.S. peer as risk appetite ebbed after the yen fell past 100 to the American dollar for the first time since 2009.
The Canadian currency slipped earlier amid bets it gained too much, too quickly this week before data tomorrow forecast to show employment rose in April. The yen has dropped against all of its 16 most-traded peers since the Bank of Japan announced unprecedented stimulus April 4 to fight deflation. The greenback rose versus most major currencies after unemployment-benefit claims fell to a five-year low, adding to speculation the Federal Reserve will taper its monetary stimulus.