Tuesday, September 30th13.2°C
22738
23430

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

23423


Recent Trending




Today's Market
S&P TSX14989.72+12.80
S&P CDNX906.80-5.96
DJIA17078.797.57
Nasdaq4500.311-5.542
S&P 5001975.98-1.82
CDN Dollar0.8929-0.0029
Gold1208.90-9.90
Oil89.81-2.97
Lumber333.70+4.80
Natural Gas4.126-0.028

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.25+0.02
Cantex0.07-0.02
Anavex Life Sciences0.1825-0.0025
Metalex Ventures0.0550.00
Russel Metals34.68+0.19
Copper Mountain Mining2.43-0.09
Colorado Resources0.165+0.015
ReliaBrand Inc0.0157-0.0043
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



21336

FEATURED Property
2087060Mobile Home at the Lake
$50,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22707