Monday, April 27th6.6°C
25936
25263

Canadian dollar rises after sharp loss amid disappointing Chinese, U.S. data

TORONTO - The Canadian dollar closed higher amid soft readings on the Chinese and U.S. manufacturing sectors.

The loonie was up 0.12 of a cent to 89.33 cents US.

HSBC's purchasing managers' index for China dropped to 48.1 in March from February’s 48.5. It was the lowest reading since July 2013 and was below consensus expectations of a modest rise.

The worse than expected Chinese data suggested that the slowdown in the world’s second-biggest economy is deepening.

In the U.S., the initial or "flash" Markit purchasing managers index for the U.S. fell to 55.5 in March from 57.1 in February, but still showed improving conditions for manufacturers. Readings over 50 in the purchasing managers index indicate growth.

Commodity prices were mixed as May crude on the New York Mercantile Exchange was up 14 cents to US$99.60 a barrel.

May copper was unchanged at US$2.95 a pound while April bullion shed $24.80 to US$1,311.20 an ounce.

The dollar lost about nine-tenths of a US cent last week with the currency feeling pressure from two directions.

Markets were surprised after the U.S. Federal Reserve said it could start raising short-term interest rates as soon as next year.

At the same time, Bank of Canada governor Stephen Poloz said that interest rate hikes in Canada could be further away than thought.

He added that a rate cut by the Bank of Canada could not be ruled out.

The Canadian Press


Read more Business News

25918


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18123.72+43.58
Nasdaq5103.70+11.61
S&P 5002121.42+3.73
CDN Dollar0.8244+0.0038
Gold1186.00+10.80
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.458-0.073

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 





FEATURED Property
22709324812 Lakeshore Place
5 bedrooms 5 baths
$985,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_








Member of BC Press Council


24843