Friday, December 19th1.5°C
24295
23980

Loonie rises before monetary speeches

The Canadian dollar was ahead Tuesday as traders awaited a key statement from U.S. Federal Reserve chairman Ben Bernanke later this week.

The loonie was up 0.11 of a cent to 97.28 cents US.

Bernanke will speak about the central bank's aggressive monetary policy program Wednesday before the U.S. Congress. The Fed will also be releasing its minutes from its most recent meeting the same day.

On Tuesday, two Fed presidents with voting rights on the interest-rate setting committee were also scheduled for speeches. St. Louis Fed president James Bullard is set to give a speech about monetary policy in Frankfurt, while New York Fed president William Dudley will touch on Japan and U.S. policy in New York.

At issue, is how long the Fed will continue with its latest round of massive bond purchases known as quantitative easing. The aggressive monetary stimulus is aimed at driving down interest rates and encourage lending.

If the central bank reverses its policy, then it will have both an effect on stock markets and the U.S. dollar, which in turn, will impact the loonie.

In Canada, Mark Carney will deliver his last official speech as Bank of Canada governor to the Board of Trade of Metropolitan Montreal before he leaves the central bank to head the Bank of England

On the commodities front, June gold bullion dropped $10.20 to US$1,373.90 an ounce,

The June crude contract was down 29 cents to US$96.42 a barrel and July copper jumped a penny to US$3.37 a pound

The Canadian Press


Read more Business News

23104


Recent Trending




Today's Market
S&P TSX14346.75+133.36
S&P CDNX665.50+6.47
DJIA17778.15421.28
Nasdaq4748.396+104.085
S&P 5002061.23+48.34
CDN Dollar0.8622-0.0011
Gold1200.80+6.1001
Oil54.67+0.56
Lumber336.00-0.90
Natural Gas3.61-0.032

 
Okanagan Companies
Pacific Safety0.13+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.03-0.005
Anavex Life Sciences0.17+0.0041
Metalex Ventures0.055+0.005
Russel Metals26.00-1.18
Copper Mountain Mining1.57+0.03
Colorado Resources0.12+0.015
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.225+0.005

 
23744


23041

FEATURED Property
2120272#340 - 2330 Butt Road
4 bedrooms 3 baths
$440,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_



24437




Member of BC Press Council


23860