Monday, October 20th11.6°C
23836
22934

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

21297


Recent Trending




Today's Market
S&P TSX14301.42+73.74
S&P CDNX811.151.02
DJIA16353.31-27.10
Nasdaq4293.994+35.556
S&P 5001896.11+9.35
CDN Dollar0.8864-0.0001
Gold1244.80+5.80
Oil81.45-0.17
Lumber330.80-3.80
Natural Gas3.671-0.095

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.110.00
Cantex0.055-0.025
Anavex Life Sciences0.1995+0.0095
Metalex Ventures0.05+0.005
Russel Metals32.12-0.23
Copper Mountain Mining1.95+0.01
Colorado Resources0.15+0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.46+0.01

 



23041

FEATURED Property
20168831586 Marina Way
3 bedrooms 3 baths
$749,999
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23803




Member of BC Press Council


22962