Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Facebook's reported move into cryptocurrency could amount to the biggest catalyst for digital assets in their decade-long history, some crypto investors say.Bitcoinread more
The Fed is expected to cut rates multiple times, but the reason behind those cuts could have vastly different implications for the market.Marketsread more
"This is going to be the biggest thing that's happened to Facebook in years," says CNBC's Jim Cramer. "It will be vital."Investingread more
A recent Fed survey showed that workers' confidence for finding a new job after losing their current position was at 61.5% in May.Economyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The red-hot market for new public companies in 2019 like Beyond Meat and Chewy could spell bad news for the stock market, Bernstein says.Marketsread more
The "captive carry flight test" evaluates the mock weapon during flight and is the Air Force's latest step amid the budding hypersonic arms race between China and Russia.Politicsread more
It's about time to write off high-growth tech stocks, Goldman warns, saying software carries the highest multiples since the tech bubble.Marketsread more
Profits for major U.S. tobacco companies could be cut in half if the FDA adopts a "maximum nicotine" rule within the next 15 years, according to analysts at Morgan Stanley.Tobaccoread more
Mursi, a top figure in the now-banned Muslim Brotherhood, had been in jail since being toppled by the military in 2013 after barely a year in power following mass protests...World Politicsread more
(Adds dealer quotes and details throughout; updates prices) Canadian dollar rises 0.6% against the greenback
* Price of U.S. oil falls 0.5%
* Canada-U.S. 2-year spread hits its narrowest since April 2018
* Canada's 10-year yield hits a two-year low at 1.423%
TORONTO, June 3 (Reuters) - The Canadian dollar strengthened to a nearly one-week high against its U.S. counterpart on Monday as rising expectations of a Federal Reserve interest rate cut this year weighed on the greenback.
The U.S. dollar tumbled against a basket of major
currencies after St. Louis Federal Reserve President James Bullard said an interest rate cut "may be warranted soon," given the rising economic risk posed by global trade tensions as well as weak U.S. inflation. "It's a broader move on the U.S. dollar following these comments," said Simon Côté, managing director, risk management solutions at National Bank Financial. "The market is getting what it was waiting for, a reason to take some profit, sell some (U.S.) dollars." The gap between Canada's 2-year yield and its U.S. equivalent narrowed by 4.2 basis points to a spread of 47.2 basis points in favor of the U.S. bond, its narrowest gap since April 2018. The narrower spread comes after the Bank of Canada said last week there was increasing evidence that a slowdown in the domestic economy was temporary, as it left its benchmark interest rate unchanged at 1.75%. "I think the Bank of Canada will be in more of a wait and see mood instead of aggressively cutting rates to follow the Fed," Côté said. The downturn in Canada's manufacturing sector deepened in May as the depressed state of global trade led to a further decline in production.
At 4:07 p.m. (2007 GMT), the Canadian dollar was
trading 0.6% higher at 1.3441 to the greenback, or 74.40 U.S. cents. The currency, which fell in May for the fourth straight month, touched its strongest level since last Tuesday at 1.3435. The price of oil, one of Canada's major exports, fell as U.S. trade disputes with Mexico and China deepened concerns about weakening global crude demand. U.S. crude oil futures settled 0.5% lower at $53.25 a barrel. Mexico and Canada said on Friday they would proceed with plans to ratify a new continental trade pact despite a threat from U.S. President Donald Trump to impose tariffs on Mexico unless a surge of illegal immigrants ceased. Canadian government bond prices were higher across the yield curve on Monday in sympathy with U.S. Treasuries. The two-year rose 11.5 Canadian cents to yield 1.368% and the
10-year gained 61 Canadian cents to yield 1.425%.
The 10-year yield hit its lowest since June 2017 at 1.423%.
(Reporting by Fergal Smith; Editing by Tom Brown)