Friday, February 27th6.0°C
25329
24657

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

24153


Recent Trending




Today's Market
S&P TSX15265.71+24.55
S&P CDNX704.11+3.18
DJIA18132.38-82.04
Nasdaq4963.528-24.362
S&P 5002104.49-6.25
CDN Dollar0.7998+0.0007
Gold1203.00+6.10
Oil51.64+1.25
Lumber296.70+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.48+0.18
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 





FEATURED Property
2215342101 - 2780 Auburn Road
2 bedrooms 2 baths
$224,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


25202