Tuesday, April 28th6.2°C
24963
24806

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.

The Canadian Press


Read more Business News

25990


Recent Trending




Today's Market
S&P TSX15344.08-64.25
S&P CDNX690.10-7.60
DJIA18037.97-42.17
Nasdaq5060.25-31.84
S&P 5002108.92-8.77
CDN Dollar0.8286+0.0015
Gold1199.90-3.40
Oil56.66-0.33
Lumber255.00-1.20
Natural Gas2.468-0.022

 
Okanagan Companies
Pacific Safety0.08-0.04
Knighthawk0.010.00
QHR Technologies Inc1.40+0.02
Cantex0.035+0.005
Anavex Life Sciences0.395-0.035
Metalex Ventures0.095+0.000
Russel Metals27.05-0.11
Copper Mountain Mining1.25+0.10
Colorado Resources0.10+0.01
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.19-0.01
Decisive Dividend Corporation1.80+0.10

 



25968

FEATURED Property
22380011853 Capistrano Drive
5 bedrooms 4 baths
$697,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_



26091

26069


Member of BC Press Council


25249