Wednesday, July 29th12.0°C
26925
26015

Loonie heads lower

The Canadian dollar was lower Wednesday as traders waited for a key statement from U.S. Federal Reserve chairman Ben Bernanke that has the potential to alter exchange rates.

Prior to the markets opening, the loonie was down of 0.41 of a cent to 96.98 cents US.

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

Investors had been worried that the Fed would begin pulling back its quantitative easing program since recent data showed that outlooks for housing and jobs in the U.S. were rosier than expected.

The stimulus has resulted in more liquidity in financial markets over the past few years, and sent stock indexes around the world to record-highs while keeping long-term U.S. interest rates low.

Bernanke's speech comes after two Fed presidents said on Tuesday that the U.S. central bank should continue with its monetary stimulus, and exercise caution on when to taper it off.

On the commodities front, June gold bullion jumped ahead $16.40 to US$1,394 an ounce and July copper surged seven cents to $3.41 a pound. The June crude contract was down 35 cents to US$95.83 a barrel.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14077.36+75.99
S&P CDNX586.97+5.25
DJIA17630.27+189.68
Nasdaq5089.21+49.43
S&P 5002093.25+25.61
CDN Dollar0.7725-0.0013
Gold1096.40+0.10
Oil48.18-0.23
Lumber259.50+3.40
Natural Gas2.86+0.04

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.010.00
QHR Technologies Inc1.37+0.01
Cantex0.05+0.00
Anavex Life Sciences0.78-0.13
Metalex Ventures0.06-0.01
Russel Metals18.35-1.10
Copper Mountain Mining0.82+0.02
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.15+0.00
Decisive Dividend Corp2.60-0.10

 





FEATURED Property
21593881106 Westpoint Drive
10091547 bedrooms
$279,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26586


Member of BC Press Council


26788