Friday, April 18th11.6°C

Loonie falls in shortened Christmas Eve session, amid another BoC departure

TORONTO - The Canadian dollar inched lower on Tuesday in a shortened session ahead of the Christmas holiday.

The loonie fell 0.07 of a cent to land at 94.17 cents US on Tuesday.

The decline comes a day after the Bank of Canada announced that deputy governor John Murray will retire in April, the second pending departure from the central bank's upper ranks.

He will step down on April 30, a day before senior deputy governor Tiff Macklem is set to leave to become dean at the Rotman School of Management at the University of Toronto.

Murray, who has been a deputy governor since in January 2008, has overseen the bank's analysis of domestic and international economic developments.

The departures will leave two seats vacant on the six-seat governing council, which is charged with setting the Bank of Canada's policy rates.

Also on Monday, Statistics Canada reported that the economy grew for the fourth consecutive month.

The federal agency said gross domestic product for October came in at 0.3 per cent, beating analyst expectations of 0.2 per cent and the same as September's increase.

Ottawa also reported that it ran a deficit of $2.5 billion in October, unchanged from the same month last year. The monthly fiscal monitor says Ottawa's revenue slipped by $100 million, while increased revenue from personal income tax and other sources was offset by lower revenue from corporate taxes and GST.

In October, the government increased program spending by $100 million, while public debt charges fell $200 million. For the fiscal year so far, the deficit stands $13.2 billion, compared with a deficit of $11.9 billion at the same time last year.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
S&P 5001864.85+2.54
CDN Dollar0.9073-0.0011
Natural Gas4.735+0.205

Okanagan Companies
Pacific Safety0.115+0.01
QHR Technologies Inc1.29+0.07
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02



18568905079 Windsong Crescent
5 bedrooms 4 baths
more details
Click here to feature your property
Please wait... loading

Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...

Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...

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...




Member of BC Press Council