* Canadian dollar weakens 0.2% against the greenback. * Canadian first-quarter GDP increases 3.1% * Price of U.S. oil falls 0.6% * Canada-U.S. 2-year spread narrows by 5 basis points. By Fergal Smith.
The U.S. dollar
rose strongly on Wednesday to a more than two-month high after
data showed European inflation is cooling quicker than expected
and China's recovery is sputtering.
The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China's recovery is sputtering. The euro fell to $1.066 earlier in the session, the lowest since March 20. That helped the dollar index, which measures the greenback against six major peers, climb to 104.63, its highest since March 16.
Sterling hit a 5-1/2 month high against the euro on Wednesday after data showing lower inflation in major European markets, but fell against the dollar as investors eyed Bank of England rate expectations for the pound's direction.
A look at the day ahead in U.S. and global markets from Mike Dolan. With the U.S. debt ceiling saga nearly over, the state of the global economy hoves back into view - with contrasting interest rate pictures that saw the dollar climb across the board.
A look at the day ahead in U.S. and global markets from Mike Dolan. With the U.S. debt ceiling saga nearly over, the state of the global economy hoves back into view - with contrasting interest rate pictures that saw the dollar climb across the board.
The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China's recovery is sputtering. The euro was last down 0.67% at $1.066, the lowest since March 20. That helped the dollar index, which measures the greenback against six major peers, climb 0.51% to 104.6, its highest since March 16.
China's onshore yuan finished the domestic session at 7.1065 per dollar on Wednesday, the weakest such close since Nov. 30. If the onshore spot price retains all the losses at the late night close, it would have lost 2.64% to the greenback for the month, booking the biggest monthly loss since September.
* Pandemic, Ukraine war, currency risk drive up costs. * Unilever (UL) replacing some imported inputs with African ingredients. * Shift creates opportunities for African suppliers, farmers. By Seun Sanni and Richa Naidu. Busari Kasali once lived with the fear that his cassava - a staple crop in his native Nigeria - would spoil before it got to market.
Busari Kasali once lived with the fear that his cassava - a staple crop in his native Nigeria - would spoil before it got to market. "Things have changed," Kasali said, as his workers loaded trucks with a bumper harvest of the starchy roots destined for processing into toothpaste. "We now plant as much as we want ... We know where to sell it."
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