Tuesday, October 21st14.5°C
23836
22916

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

22970


Recent Trending




Today's Market
S&P TSX14546.35+208.58
S&P CDNX822.4611.11
DJIA16595.54195.87
Nasdaq4413.075+97.00
S&P 5001939.35+35.34
CDN Dollar0.8908+0.0049
Gold1248.20+3.50
Oil82.07+0.69
Lumber329.40-1.50
Natural Gas3.715+0.045

 
Okanagan Companies
Pacific Safety0.100.00
Knighthawk0.01-0.005
QHR Technologies Inc1.15+0.03
Cantex0.055-0.025
Anavex Life Sciences0.1995+0.0085
Metalex Ventures0.045-0.005
Russel Metals33.08+0.80
Copper Mountain Mining2.16+0.17
Colorado Resources0.150.00
ReliaBrand Inc0.012+0.0009
Sunrise Resources Ltd0.060.00
Mission Ready Services0.465+0.015

 



20759

FEATURED Property
20884852220 charleswood drive
4 bedrooms 2 baths
$459,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


23524