Thursday, September 17, 2009

US Dollar Hits 11-Month Low Versus Canadian Dollar

Currencies continue to be extremely volatile. The Canadian dollar today hit its highest level in 11 months, reaching 94.29 cents U.S. The overnight high was $1.0606 to the U.S. dollar, or 0.942 U.S., and extended the gains by midmorning to $1.0591 (0.944 U.S.).

Canadian consumer prices fell by 0.8 percent in August compared to 2008, the second-largest 12-month drop in over 50 years. Core inflation was +0.1% on the month, and 1.6% year-on-year, showing that there are still no inflation concerns for Canada.

Chart of the Canadian currency ETF showing it is up over 15% since March:

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