March 28, 2018 / 1:20 PM / 5 months ago

CANADA FX DEBT-Loonie weakens, GDP data in focus

    * US GDP better than expected
    * Canadian GDP on Thursday in focus

    By Karen Brettell
    NEW YORK, March 28 (Reuters) - The Canadian dollar was
slightly weaker against the greenback on Wednesday as the U.S.
currency was boosted by stronger economic growth data and before
data on Thursday that will give new information on the strength
of the Canadian economy.
    U.S. gross domestic product expanded at a 2.9 percent annual
rate in the final three months of 2017, instead of the
previously reported 2.5 percent, the Commerce Department said in
its third GDP estimate for the period on Wednesday.             
    "We got some little bit better than expected U.S. data this
morning," said Mark McCormick, North American head of FX
strategy at TD Securities in Toronto, adding, "I don’t think
there’s a clear driver."
    At 9:06 a.m. EDT (1306 GMT) the greenback was up 0.24
percent against the Canadian dollar          at C$1.2909.
    Canadian GDP data due on Thursday is the next focus for
further clues on Canadian economic growth.
    "I think what people are focusing on is what's the tone of
growth, where is the economy going and whether or not there's
enough strength in the economy and enough momentum to continue
to see the Bank of Canada's pricing around two rate hikes this
year continue to hold up," McCormick said.
    Benchmark 10-year Canadian government bond yields
            fell to 2.12 percent from 2.14 percent late on
Tuesday.

 (Editing by Jonathan Oatis)
  
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