Thursday, October 30th8.2°C
23888

Loonie down amid lower commodities, more weather-related subpar economic data

TORONTO - The Canadian dollar was slightly lower as concerns about China helped depress commodity prices and U.S. data showed the impact of severe winter weather on U.S. consumer confidence and house prices.

The loonie slipped 0.16 of a cent to 90.2 cents US.

U.S. home prices fell for the second straight month in December as severe winter weather, tight supply and higher costs combined to slow sales.

The Standard & Poor’s/Case-Shiller 20-city home price index declined 0.1 per cent from November to December.

Other data showed a dip in American consumer confidence. The Conference Board's index showed the index declined to 78.1 in February from 79.4 in January because of adverse weather.

Commodity prices declined with markets rattled by a deceleration in the rise of Chinese housing prices in January and weakness in China’s currency, which has long been a one-way bet on slow, steady appreciation.

Last week’s decline in the tightly controlled yuan prompted suggestions Beijing might be trying to support exporters and help offset weakening domestic demand. That came after an HSBC survey showed Chinese manufacturing activity in February tumbled to a seven-month low.

The April crude contract on the New York Mercantile Exchange fell $1.25 to US$101.57 a barrel.

March copper fell for a second day, down one cent to US$3.26 a pound while April gold advanced $4 to US$1,342 an ounce.

Traders also awaited key trade and growth data later in the week.

Statistics Canada releases growth data for December and the fourth quarter on Friday. Economists looked for the economy to contract by 0.3 per cent in December, largely because of crippling ice storms in Ontario and Quebec.

On Thursday, the agency reports the latest data on the country’s major trade indicator. CIBC World Markets believes the current account deficit is expected to grow by $2 billion to $17.5 billion.

Friday will also see the release of the first revision to U.S. fourth-quarter gross domestic product growth. The initial reading came in at 3.2 per cent but worsening weather in December likely pushed growth down to around 2.7 per cent.

The Canadian Press


Read more Business News

22831


Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8920-0.0014
Gold1185.50-13.10
Oil80.59-0.31
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
211436430-4000 Ponderosa Place
2 bedrooms 2 baths
$379,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22707