C$ hits 9-month low as soft global data spooks investors
Canadian dollar falls 0.4% against the greenback
Touches its weakest since November at 1.3889
Manufacturing PMI drops to 7-month low
2-year yield hits a 17-month low
Updates market pricing
By Fergal Smith
TORONTO, Aug 1 (Reuters) -The Canadian dollar weakened to a nine-month low against its broadly stronger U.S. counterpart on Thursday as geopolitical tensions and weak manufacturing data globally weighed on investor sentiment.
The loonie CAD= was trading 0.4% lower at 1.3870 to the U.S. dollar, or 72.10 U.S. cents, after touching its weakest intraday level since November at 1.3889.
"The moves in USD-CAD today are coming from the broad USD strength, with the general risk-off tone in markets exacerbated by the headlines in the Middle East and U.S. data downside misses," said Jayati Bharadwaj, a global FX strategist at TD Securities.
The U.S. dollar .DXY rose against a basket of major currencies as rising geopolitical tensions provided a safe-haven boost to the currency, and Wall Street's major indexes tumbled.
Manufacturers across the United States, Europe and Asia turned in a weak performance last month as factories grappled with tepid demand, surveys showed, raising the risk of an underpowered global economic recovery.
Canadian factory data was also downbeat. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to 47.8 in July from 49.3 in June, posting its lowest level since December.
Canada is a major producer of commodities, including oil, so the loonie tends to be sensitive to the outlook for the global economy.
The price of oil CLc1 settled 2.1% lower at $76.31 a barrel as global supply seemed largely unaffected by worries of a wider Middle East crisis.
Canadian bond yields fell across a steeper curve, tracking a sharp decline in U.S. Treasury yields. The 2-year CA2YT=RR was down 9.2 basis points at 3.360%, after earlier touching its lowest level since March 2023 at 3.354%.
Reporting by Fergal Smith; Editing by Will Dunham and Alistair Bell
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