U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Boris Johnson will be meeting President Donald Trump to discuss a potential post-Brexit trade deal just as he tries to court EU leaders for a new withdrawal agreement.World Politicsread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended...China Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
The unlikely alliance would in theory enjoy a relatively comfortable majority in the parliament's lower house but would rely on a handful of sympathetic but unaligned...Europe Politicsread more
Bank Indonesia on Thursday cut its key policy rate by 25 basis points to 5.5% to support growth amid an increasingly fragile global economy.Central Banksread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The office has long been a breeding ground for budding romances. But actively going into business with your other half is another thing entirely.Successread more
* Canadian dollar fall 0.5% against the greenback
* The loonie touches its lowest point since June 19
* U.S. crude oil price decrease by 2.4%
* Canada's two-year yield hits a near two-year low
TORONTO, Aug 7 (Reuters) - The Canadian dollar extended its losses, falling to a near seven-week low against its U.S. counterpart on Wednesday as escalating global trade tensions worried investors. A year-long U.S.-China trade war has boiled over as Washington accused Beijing this week of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. Canada exports many commodities, including oil, so its economy could be hurt by an escalation of trade tensions.
At 9:11 a.m. (1311 GMT), the Canadian dollar was
trading 0.5% lower at 1.3336 to the greenback, or 74.99 U.S. cents. The currency hit its lowest intraday level since June 19 at 1.3344. Last month, the Bank of Canada highlighted the risks that trade wars pose to the global economy as it left its benchmark interest rate unchanged at 1.75%. Chances of a Bank of Canada interest rate cut this year have climbed to more than 90% from about 40% after the release of data last week showing the economy strengthened more than expected in June, the overnight index swap market indicated. .
New Zealand's dollar fell heavily on Wednesday
after its central bank stunned markets with an aggressive interest rate cut and said negative rates were possible, fuelling bets on more global easing. Meanwhile, the price of oil, one of Canada's major exports, extended recent heavy losses as rising global trade tensions weighed on the outlook for global energy demand.
U.S. crude oil futures were down 2.4% at $52.32 a
barrel. Canadian government bond prices were higher across the yield curve in sympathy with U.S. treasuries. The two-year rising 14.5 Canadian cents to yield 1.277% and the 10-year was up 90 Canadian cents to yield 1.146%. The two-year bond yield hit its lowest intraday level since September 2017 at 1.277%.
(Reporting by Levent Uslu Editing by Nick Zieminski)