Sep 6, 2012 / 6:48 am
The Canadian dollar was higher Thursday after the European Central Bank announced a bond buying program to help alleviate the high borrowing costs of the most vulnerable members of the eurozone, including Spain and Italy.
The loonie rose 0.45 of a cent to 101.37 cents US after ECB president Mario Draghi announced a program called Monetary Outright Transactions, which will see the ECB buy up sovereign bonds on the secondary bond market, where previously issued securities are traded.
Draghi said the program will have no set limit and be a "fully effective backstop."
But the program comes with strict conditions, countries that want the ECB to buy their bonds must first officially ask for help from Europe's bailout funds and agree to "strict and effective" budget policy conditions.
Read more Business News
|QHR Technologies Inc||0.56||-0.01|
|Anavex Life Sciences||0.475||-0.025|
|Copper Mountain Mining||1.73||-0.02|
Owning a business is a daily battle. Customers reduce everything to the most easily comparable factors – apples to apples – and dollars per unit. Business owners must constantly strive to...
I had a crazy thought a few years ago. I was in the lobby of a Church talking to Matt Blacklock. Matt is a friend and ultra-marathon runner who has tackled some of Canada’s toughest long distan...
I vowed when I started this column twenty-five years ago that I wasn’t going to write about politics and I have held the line until today but this item is really about questions. I looked back o...
- Telus offers $380 million for Mobilicity
- Loonie heads lower
- Loonie takes a short dive
- Music industry biggies donate $70M
- IRS investigated for tea party targeting
- Loonie weakens as commodities fall
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs