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US Treasury: China does not manipulate yuan

The US Treasury said Tuesday that China cannot be ruled a manipulator of its currency despite the yuan's sharp slide since January. But the Treasury said the recent fall could "raise particularly serious concerns" if it represents a reversal in Beijing's commitment to a more free-floating yuan.

Poloz expected to keep optimism on Canadian economy in check, dollar weak

OTTAWA - Bank of Canada governor Stephen Poloz has had a good run of it lately. In the central bank version of the children's boast "look ma, no hands," the first year governor has made the Canadian dollar disappear — 10 per cent of its value, at least — while keeping his hands firmly in pocket. Analysts anticipate more of the same Wednesday when the bank is expected to announce - for the 29th consecutive time dating back to September 2010 - that it is leaving its trendsetting overnight interest rate at one per cent.

TSX slightly higher on China growth worries, escalating Russia/Ukraine tensions

TORONTO - The Toronto stock market closed with a small gain Tuesday amid concerns about China's growth and worsening tensions between Ukraine and Russia. The S The Canadian dollar was down 0.2 of a cent to 91.1 cents US a day ahead of the Bank of Canada's latest interest rate announcement. It is universally expected that the bank won't hike its key rate from one per cent, where it has been since September, 2010.

Loonie lower ahead of rate announcement;greenback rises on China nervousness

TORONTO - The Canadian dollar closed lower Tuesday, a day ahead of the Bank of Canada's latest announcement on interest rates. The currency fell 0.2 of a cent to 91.1 cents US with no change expected in key rates. "We see no move in the bank's official bias (still firmly neutral) or in the overnight rate target (expected to remain pegged at one per cent as it has since September 2010) but a modestly less dovish tone," said Mark Chandler, head of Canadian FIC strategy at RBC Dominion Securities.

HKMA says mainland-related lending underpinned by genuine demand

HONG KONG (Reuters) - The Hong Kong Monetary Authority (HKMA) said on Tuesday that mainland-related lending in the city's banking sector is supported by genuine economic activities, countering fears about exposure to rising levels of bad debt in China. The comments came after Hong Kong banks ramped up lending to China in recent years, fueling concerns about their credit exposure to the mainland at a time when sliding economic growth and defaults are making investors nervous.

Dollar holds steady in Asia on upbeat US economy view

The dollar held firm in Asia Tuesday after solid retail sales data boosted confidence in the US economy while tensions in Ukraine and speculation over more European Central Bank monetary easing weighed on the euro. In afternoon Tokyo trade, the greenback fetched 101.92 yen, up from 101.82 yen in New York Monday afternoon. The euro fetched $1.3816 and 140.82 yen, little changed from $1.3820 and 140.74 yen in US trade. US stock prices jumped on Monday thanks to a better-than-expected earnings report from Citigroup and encouraging retail sales data.

Dollar firms slightly after upbeat US retail data

The dollar moved higher against other major currencies on Monday after an encouraging US retail sales report and hints of more stimulus in the pipeline from the European Central Bank. Around 2100 GMT, the euro bought $1.3820, down from $1.3883 late Friday. The dollar also rose against the Japanese currency, to 101.82 yen from 101.59 yen. The euro fell to 140.74 yen from 141.13.

Canadian dollar up amid strong retail data; traders look to rate announcement

TORONTO - The Canadian dollar closed higher Monday as traders took in a strong retail reading from the United States and looked ahead to the Bank of Canada's interest rate announcement. The loonie moved up 0.22 of a cent to 91.3 cents US. The U.S. Commerce Department reported that retail sales for March were up 1.1 per cent from February, higher than the 0.9 per cent rise that economists had forecast. The government also revised February to a 0.7 per cent gain, more than double its previous estimate. Sales had fallen in January and December amid severe winter weather.

Scotiabank raises outlook for price of nickel following Indonesian export ban

OTTAWA - Scotiabank is raising its outlook for the price nickel following an Indonesian export ban on unprocessed ore that took effect earlier this year. Nickel prices have been rising following the Indonesian ban that was enacted in an attempt to encourage foreign investment in ore processing in the country. "While the export ban was announced more than 4 years ago with an unchanged starting date of January 2014, few market observers, including ourselves, believed that Indonesia would have the resolve to stick with this agenda," Scotiabank said in a report Monday.

Scotiabank raises outlook for price of nickel following Indonesian export ban

OTTAWA - Scotiabank is raising its outlook for the price nickel following an Indonesian export ban on unprocessed ore that took effect earlier this year. Nickel prices have been rising following the Indonesian ban that was enacted in an attempt to encourage foreign investment in ore processing in the country. Scotiabank says many expected Indonesia would not have the resolve to stick with the ban, but it now appears the country is sticking with its agenda. The bank says it now expects nickel to average $7.66 per pound this year, up from earlier expectations for $6.75.
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