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TORONTO, Sept 25 - The Canadian dollar rose against its U.S. counterpart on Monday and the 10-year yield moved above 4% for the first time in nearly 16 years, as investors bet that the Federal Reserve and the Bank of Canada would stick with their hawkish stances.
Among G10 currencies, only the Swedish crown performed better than the Canadian currency, as the U.S. dollar extended its recent gains against a basket of major currencies. Last week, the Fed projected that monetary policy would be kept significantly tighter through 2024 than previously expected, while hotter-than-expected domestic inflation data bolstered bets on the BoC raising interest rates further.
Still, speculators have raised their bearish bets on the Canadian dollar to the most since May, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of Sept. 19, net short positions had increased to 48,027 contracts from 41,883 in the prior week.
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