Friday, August 22nd15.5°C
22951
22501

Canadian dollar up after Carney move

The Canadian dollar was higher Tuesday as traders weighed the chances of higher interest rates and higher commodity prices.

There was also relief that Greece has secured another instalment of bailout money to stave off bankruptcy.

The loonie gained 0.18 of a cent to 100.8 cents US a day after Bank of Canada governor Mark Carney surprised markets in announcing he is leaving the central bank to take the top job at the Bank of England.

"The Canadian dollar negative uncertainty over who will lead the bank once Mark Carney moves . . . has been offset by an improvement in risk appetite and an OECD economic outlook report which suggests that the Bank of Canada might need to increase interest rates by the second half of 2013," said Scotia Capital chief currency strategist Camilla Sutton.

"The OECD notes that there is not a large amount of economic slack which could lead to inflationary pressures."

The Organization for Economic Co-operation and Development also said in a new report Tuesday that Canada's economy will grow by 1.5 per cent in the final three months of this year, and advance only 1.8 per cent in 2013.

Next year's projection is half a point below the Bank of Canada's official forecast, although the two institutions agree that 2014 will see an improvement to 2.4 per cent growth.

The Canadian Press


Read more Business News

22852


Recent Trending




Today's Market
S&P TSX15519.09-36.17
S&P CDNX1000.56-1.64
DJIA17018.31-21.18
Nasdaq4538.661+6.557
S&P 5001989.53-2.84
CDN Dollar0.9130-0.001
Gold1278.40+4.7001
Oil96.30+1.82
Lumber354.70-0.90
Natural Gas3.864-0.025

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.2512-0.0088
Metalex Ventures0.08+0.005
Russel Metals37.14-0.45
Copper Mountain Mining2.97+0.09
Colorado Resources0.1850.00
ReliaBrand Inc0.095+0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.215-0.015

 



22942

FEATURED Property
1897865414 Okaview Road
6 bedrooms 6 baths
$1,598,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...

_



22854

22885


Member of BC Press Council


22837