2009 Federal Holiday Calendar

Canadian Dollar Strengthens Most Since 2009 Amid Surge in Risk Appetite

Canada’s dollar had the biggest weekly gain in 20 months versus its U.S. counterpart as rising optimism that European leaders have staved off a default by Greece fueled investor appetite for higher-yielding assets.

The loonie, as the Canadian currency is nicknamed for the image of the aquatic bird on the C$1 coin, also strengthened as data showing inflation climbed more than forecast spurred bets the central bank will resume raising interest rates. The weekly gain reversed losses for the month and quarter. Canada’s job growth slowed last month, a report next week may show.

“Risk appetite, that’s the main driver of the Canadian dollar,” said Shaun Osborne , chief foreign-exchange strategist at Toronto-Dominion Bank’s TD Securities unit in Toronto. “One of the big uncertainties that has been hanging over the market lately has been a Greek default and a systemic problem in the global banking system and that seems to have been removed now.”

The Canadian currency strengthened 3.1 percent to 95.85 cents per U.S. dollar yesterday in Toronto, from 98.86 cents on June 24. It was the biggest gain since the 3.6 percent advance for the five days ended Oct. 9, 2009. The loonie touched 95.81 cents yesterday, the strongest level since May 11, after depreciating to 99.13 cents on June 27, the weakest in three months. One Canadian dollar buys $1.0433.

Government bonds dropped, pushing the yield on the benchmark Canadian 10-year note up 26 basis points, or 0.26 percentage point, to 3.12 percent, from 2.86 percent on June 24. It touched 3.14 percent yesterday, the strongest level since May 20. The price of the 3.25 percent security maturing in June 2021 tumbled C$2.27 to C$101.08.

Canada will auction C$3.5 billion ($3.7 billion) of five- year notes on July 6, according to a statement on a Bank of Canada website. The 2.75 percent securities mature in September 2016.

The loonie gained 0.5 percent for June and appreciated 0.8 percent for the three months ended June 30, its fourth straight quarterly advance. Until this week, it was headed for monthly and quarterly declines as crude oil, Canada’s biggest export, dropped and stocks slid amid concern Greece’s sovereign-debt crisis would worsen. The currency has risen 4.1 percent in 2011, while being outperformed by 11 of its 16 most-traded peers.

Commodities including oil had five-day gains for the first time in a month as Greek Prime Minister George Papandreou won lawmakers’ approval of an austerity plan needed to keep financial aid flowing to the debt-strapped nation and avert the euro region’s first sovereign-debt default.

ChrisWeigant.com » Obama's Right: Congress Doesn't Work

PRESIDENT OBAMA: ...And, you know, Malia and Sasha generally finish their homework a day ahead of time. Malia is 13, Sasha is 10.

CROWD COMMENT: Impressive.

OBAMA: It is impressive. They don't wait until the night before. They're not pulling all-nighters. (Laughter.) They're 13 and 10. Congress can do the same thing. If you know you've got to do something, just do it.

And I've got to say, I'm very amused when I start hearing comments about, well, the President needs to show more leadership on this. Let me tell you something. Right after we finished dealing with the government shutdown, averting a government shutdown, I called the leaders here together. I said we've got to get done -- get this done. I put Vice President Biden in charge of a process -- that, by the way, has made real progress -- but these guys have met, worked through all of these issues. I met with every single caucus for an hour to an hour and a half each -- Republican senators, Democratic senators; Republican House, Democratic House. I've met with the leaders multiple times. At a certain point, they need to do their job.

And so, this thing, which is just not on the level, where we have meetings and discussions, and we're working through process, and when they decide they're not happy with the fact that at some point you've got to make a choice, they just all step back and say, well, you know, the President needs to get this done -- they need to do their job.

Now is the time to go ahead and make the tough choices. That's why they're called leaders. And I've already shown that I'm willing to make some decisions that are very tough and will give my base of voters further reason to give me a hard time. But it's got to be done.

And so there's no point in procrastinating. There's no point in putting it off. We've got to get this done. And if by the end of this week, we have not seen substantial progress, then I think members of Congress need to understand we are going to start having to cancel things and stay here until we get it done.

They're in one week, they're out one week. And then they're saying, Obama has got to step in. You need to be here. I've been here. I've been doing Afghanistan and bin Laden and the Greek crisis. You stay here. Let's get it done.

All right. I think you know my feelings about that. (Laughter.)

Setting aside the issue of Congress actually getting something done (and setting aside the rest of the press conference, which I will be writing about tomorrow), President Obama's got a damn good point: Congress is just not showing up to work very often.

Chase's calendar of events 2009

Federal Tax Course (2009)

Chase's Calendar of Events, 2011 Edition

The United States Government Manual, 2009-2010

Kwanzaa, black power and the making of the African-American holiday tradition