Canadian dollar plunges to lowest level since 2003 amid tariff war

Canadian dollar plunges to lowest level since 2003 amid tariff war

The Canadian dollar sank to its weakest since 2003, with euro and Mexican peso also posting losses, according to a Bloomberg report.

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The Canadian dollar has fallen to a 22-year-low, its weakest since 2003, according to a Bloomberg report. It further noted that the US dollar has surged, and euro and Mexican peso have also taken hits after United States President Donald Trump made good on his threat to impose tariffs on Canada, China and Mexico.

“The dollar surged, oil jumped and equity markets turned red,” as per the Bloomberg report.

“The market needs to structurally and significantly reprice the trade war risk premium. For Canada and Mexico, we see this trade shock — if sustained — as being far larger in economic magnitude than that of Brexit on the UK,” wrote George Saravelos, head of FX research at Deutsche Bank, Bloomberg reported.

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Canadian dollar plunges to lowest level since 2003 amid tariff war

 

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