Wednesday, April 16th11.9°C
21427
20363

Dollar approaches lowest level in 2 yrs.

The loonie slid to its lowest level in nearly two years Tuesday morning as the U.S. dollar gained traction on confidence over the direction of bond yields.

The Canadian dollar dropped 0.43 of a cent to 94.65 cents US shortly before stock markets opened, reaching a level it last hit in September 2010.

The drop came after the Canada Day holiday, when the currency experienced low levels of trading, and amid expectations that current U.S. monetary policy will help drive U.S. bond yields higher.

Economies around the world were also facing pressure, which drove down other currencies.

Australia's central bank left interest rates unchanged and said the Australian dollar is likely to continue falling, easing pressure on the economy.

And in China, manufacturing weakened in June amid a credit crunch.

In commodities, the August crude contract on the New York Mercantile Exchange was up 63 cents to US$98.62 a barrel on political concerns in Egypt.

The country's military issued an ultimatum to President Mohammed Morsi that gave him 48 hours to meet the demands of the millions who have taken to the streets seeking his ouster.

August bullion was down $3.20 to US$1,252.50 an ounce on the Nymex.

The Canadian Press


Read more Business News

20820


Recent Trending




Today's Market
S&P TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9088+0.001
Gold1302.20+2.20
Oil103.91+0.15
Lumber327.90-0.90
Natural Gas4.534+0.004

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20225

FEATURED Property
19279714330 NE 14 Street
3 bedrooms 3 baths
$569,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21604

21604


Member of BC Press Council


21202