Thursday, October 2nd4.9°C
22738
23038

Canadian dollar moves lower, markets nervous ahead of Crimea referendum

TORONTO - The Canadian dollar was lower Friday with markets cautious ahead of a weekend referendum in Ukraine's Crimea region.

The loonie fell 0.34 of a cent to 90.13 cents US.

Investors looked to a referendum being held in Crimea on Sunday where residents will vote on whether they want to join Russia. The vote is being held two weeks after Russian troops initially moved into Crimea, where it has a key naval base and many of the people are Russian speaking.

The West has urged Moscow to pull back its troops in Crimea and is also preparing to impose harsh sanctions on Russia if that country moves to annex the territory. Russia has warned again that it reserves the right to intervene in defence of ethnic Russians it says are under threat in eastern Ukraine.

Commodity prices were higher Friday after backing off this week amid concerns about China's growth prospects.

Also, China’s premier, Li Keqiang, said that his country will keep this year’s economic expansion strong enough to create new jobs but will emphasize market-opening reform and the environment over hitting its official growth target of 7.5 per cent.

Copper, viewed as an economic proxy, has dropped almost 10 per cent over the last five sessions. Copper is also used for financing in China and last week's first-ever corporate default raised worries that other failed companies could dump large quantities of the metal on markets, further depressing prices.

April crude in New York was up 69 cents to US$98.89 a barrel.

Nervous traders sent gold higher for a fifth session with April bullion up $6.60 to US$1,379 an ounce after closing Thursday at its highest close since September while May copper rose three cents to US$2.95 an ounce.

Markets also looked ahead to next week's interest rate meeting by the U.S. Federal Reserve, the first to be led by new central bank chair Janet Yellen.

Traders will be looking for any change in a gauge the Fed is using for interest rate guidance — the jobless rate. Generally, markets aren't expecting a rate hike from the Fed until the middle of next year at the earliest.

The Canadian Press


Read more Business News

23167


Recent Trending




Today's Market
S&P TSX14805.44-155.069
S&P CDNX896.35-12.94
DJIA16804.71-238.19
Nasdaq4422.085-71.305
S&P 5001946.16-26.13
CDN Dollar0.8987+0.0031
Gold1214.40-1.10
Oil86.79-2.32
Lumber344.10+6.30
Natural Gas4.044+0.021

 
Okanagan Companies
Pacific Safety0.135+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.04
Cantex0.075+0.01
Anavex Life Sciences0.1804-0.0036
Metalex Ventures0.0550.00
Russel Metals34.68+0.11
Copper Mountain Mining2.29-0.13
Colorado Resources0.16-0.005
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.31-0.01

 



23479

FEATURED Property
17968578 - 4524 Eldorado Court, Kelowna, bC
5 bedrooms 6 baths
$3,295,000
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


23504