Thursday, January 29th1.3°C
24779
23931

Loonie drifts lower, greenback strengthens on better than expected housing data

TORONTO - The Canadian dollar closed sharply lower Wednesday amid positive U.S. housing data.

The currency dropped 0.34 of a cent to 89.86 cents US.

The U.S. dollar strengthened further mid-morning amid data showing that sales of new homes rebounded in January to the fastest pace in more than five years. The Commerce Department said sales of new homes increased 9.6 per cent last month to a seasonally adjusted annual rate of 468,000.

That came as a surprise to economists who had been forecasting a sales drop in January of around four per cent, due to winter storms in many parts of the country.

The dollar also strengthened ahead of remarks Thursday from Federal Reserve chair Janet Yellen, whose appearance in front of the Senate's Banking Committee was delayed earlier this month due to a winter storm.

Traders also looked ahead to other key data coming out over the next few days.

In Canada, the current account balance for the fourth quarter will be released on Thursday, while the latest gross domestic product figures will be out on Friday.

Beyond that, traders are also awaiting next week's interest rate announcement from the Bank of Canada and Canadian and U.S. jobs data.

Commodity prices were mixed with the April crude contract in New York up 76 cents to US$102.59 a barrel.

March copper was down one cent at US$3.25 a pound while April bullion fell $14.70 to US$1,328 an ounce.

The Canadian Press


Read more Business News

24909


Recent Trending




Today's Market
S&P TSX14598.64-4.24
S&P CDNX666.37-0.93
DJIA17416.85+225.48
Nasdaq4610.886-27.108
S&P 5001996.64-5.52
CDN Dollar0.7920-0.0003
Gold1286.60-5.10
Oil46.60+0.24
Lumber318.40+2.90
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.45-0.02
Cantex0.04+0.005
Anavex Life Sciences0.185+0.003
Metalex Ventures0.0350.00
Russel Metals23.61-0.09
Copper Mountain Mining0.99-0.01
Colorado Resources0.1450.00
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.030.00
Mission Ready Services0.210.00

 



24813

FEATURED Property
21375551052 Lawson Avenue
3 bedrooms 1 baths
$499,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_





24709


Member of BC Press Council


23646