1. The U.S. dollar rose against its Canadian counterpart on Tuesday, as the greenback recovered from recent losses posted after downbeat U.S. economic reports, although rising oil prices lent some support to the Canadian currency.
USD/CAD hit 1.3159 during early U.S. trade, the pair's highest since October 30; the pair subsequently consolidated at 1.3143, gaining 0.37%.
The pair was likely to find support at 1.3036, the low of October 23 and resistance at 1.3240, the high of October 29.
2. Gold prices were on track to post their fourth consecutive losing session on Tuesday, as investors continued to cut holdings of the precious metal amid expectations the Federal Reserve will raise interest rates at its next meeting in December.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tumbled $11.30, or 0.99%, to trade at $1,124.60 a troy ounce during U.S. morning hours. It earlier fell to $1,124.20, the lowest since October 2.
3. Bank of America Corp (N:BAC), the No. 2 U.S. bank, has agreed to sell its $87 billion money-market fund business to BlackRock Inc (N:BLK) in one of the cash-management industry's largest deals ever.
The transaction comes as big banks have faced pressure to simplify their businesses since the global financial crisis and marks the largest in a series of deals reshuffling the cash-management industry before costly regulatory reforms take effect in 2016.
4. U.S. factory orders fell for the second consecutive month in September, dampening optimism over the health of the economy, official data showed on Tuesday.
In a report, the U.S. Census Bureau said factory orders dropped by a seasonally adjusted 1.0% in September, worse than forecasts for a fall of 0.9%.
Factory orders decreased 2.1% in August, whose figure was revised from a previously reported decline of 1.7%.
5. West Texas Intermediate oil futures rallied sharply on Tuesday, as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
Crude oil for delivery in December on the New York Mercantile Exchange jumped 96 cents, or 2.08%, to trade at $47.10 a barrel during U.S. morning hours. It earlier rose to $47.28, the highest since October 19.
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