Monday, September 22nd14.8°C
23284

Loonie not ready to fly over fiscal cliff

The Canadian dollar was stuck below parity with the U.S. dollar Friday on worries about the fallout from a string of tax hikes and deep spending cuts set to automatically go into effect in the U.S. at the end of the year.

The loonie fell 0.12 of a cent to 99.84 cents US as worries about the knock-on effects from those hikes and cuts sent traders to the perceived safe haven of U.S. Treasuries.

Unless Democrats and Republicans can come together and arrange a deficit-cutting compromise, tax increases and spending cuts totaling US$600 billion will automatically come into effect, a so-called "fiscal cliff" that would likely tip the U.S. back into recession and drag down other economies with it, including Canada's.

Bank of Canada governor Mark Carney said Thursday that the fiscal cliff is the most imminent threat facing the Canadian economy.

Commodity prices were mixed amid worries about demand concerns and the higher greenback.

The December crude contract on the New York Mercantile Exchange shook off early losses after encouraging U.S. consumer data was released mid-morning, rising 60 cents to US$85.69 a barrel.

The Canadian Press


Read more Business News

22908


Recent Trending




Today's Market
S&P TSX15129.00-136.35
S&P CDNX928.09-26.97
DJIA17172.68-107.06
Nasdaq4527.689-52.10
S&P 5001994.29-16.11
CDN Dollar0.9063+0.0006
Gold1218.80+0.90
Oil91.50-0.91
Lumber332.20+5.60
Natural Gas3.901-0.007

 
Okanagan Companies
Pacific Safety0.17+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.10
Cantex0.04-0.01
Anavex Life Sciences0.2195-0.0035
Metalex Ventures0.05-0.01
Russel Metals35.37-0.38
Copper Mountain Mining2.40-0.26
Colorado Resources0.16-0.005
ReliaBrand Inc0.0206-0.0043
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.27-0.02

 



22908

FEATURED Property
20397691174 Long Ridge Drive
4 bedrooms 4 baths
$672,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_





23448


Member of BC Press Council


22814