Canadian Year-End Results Hit By Weakening Dollar
BANKS
TORONTO--A volatile Canadian dollar proved a double edged sword for the country's FX trading banks in 1998, with the currency declining almost 10 per cent during the course of the year.
While this movement cut into the bank's earnings in US dollar terms, it also boosted demand for hedging products among Canadian customers, officials say.
After hitting highs of 1.41 against the US dollar in March, the currency weakened on the back of poor commodity prices, corrections in the global markets and
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