35530
34334
S&P/TSX
14697.93
-99.24
-0.67%
S&P-CDNX
810.89
+0.27
+0.03%
S&P-500
2164.69
-12.49
-0.57%
NASDAQ
5305.75
-33.78
-0.63%
Dow
18261.45
-131.01
-0.71%
Dollar
0.7599
-0.0061
-0.80%
Oil
43.85
+0.55
+1.27%
Gold
1341.10
-3.60
-0.27%
Silver
19.76
-0.26
-1.30%


The buck is up

The Canadian dollar advanced Thursday amid rising commodity prices while traders appeared to take in stride a downgrade of Spain's debt.

The loonie rose 0.19 of a cent to 102.16 cents US.

Standard & Poor's cut its rating on Spain’s debt by two notches to BBB-minus late Wednesday, leaving the country on the verge of junk status, or non-investment grade.

The Spanish government has so far refused to tap a new European Central Bank bond-buying facility that has been largely designed to keep a lid on the country's borrowing rates. But market reaction was muted as some analysts think the downgrade will help push the government to finally request the help.

Also, "S&P had previously downgraded Spain in late April 2012 and had warned at the time that the risk of further downgrades were clear," observed Scotia Capital chief currency strategist Camilla Sutton.

Meanwhile, the commodity sensitive loonie found some support from rising prices for oil and metals.

Traders fear the civil war in Syria could grow into a wider regional conflict that could threaten oil supplies from Middle East producers. The Middle East and North Africa account for about a third of global oil production. Oil was up $1.30 to US$92.55 a barrel.



More Business News

35448
Recent Trending
35448
34683
Castanet Proud Member of RTNDA Canada
Press Room
34523