Friday, September 19th16.2°C
19716
22924

Canadian dollar drops following string of gains amid weak China trade data

The Canadian dollar closed lower Wednesday, losing some ground after a strong rally amid weak Chinese trade data.

The loonie declined 0.48 of a cent to 91.5 cents US, amid data showing that China’s exports fell 6.6 per cent from a year earlier, well below analysts’ expectations of single-digit growth. Imports contracted by 11.3 per cent.

In a speech Thursday, China's Premier Li Keqiang said the foundation for growth is “not strong” and the economy still faces “downward pressure.” But he ruled out additional short-term stimulus.

The Canadian dollar jumped 0.42 of a cent Wednesday as the release of the minutes of the last Federal Reserve meeting eased concerns about the pace of interest rate hikes and pushed the greenback lower.

But the loonie has enjoyed a series of sharp runups, advancing about three per cent to a three-month high just since March 20. Analysts point to a variety of factors, including positive readings on gross domestic product, inflation, labour and trade and a Bank of Canada business outlook survey earlier this week that confirmed that businesses are increasingly optimistic as the impact of a weak Canadian dollar combines with a U.S. recovery to support growth.

Traders are now looking ahead to next week and the Bank of Canada's latest interest rate announcement which will come out on Wednesday.

Sluggish Chinese data helped push the April crude contract on the New York Mercantile Exchange down 20 cents to US$103.40 a barrel.

Copper was up a cent at $3.05 a pound but the metal has already fallen 11 per cent this year due to lower expectations for Chinese economic growth.

Bullion prices headed higher with the June contract up $14.60 to US$1,320.50 an ounce.

The Canadian Press


Read more Business News

23438


Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4579.789-13.637
S&P 5002010.40-0.96
CDN Dollar0.9126+0.0004
Gold1216.90-10.00
Oil92.45-0.62
Lumber329.00-0.90
Natural Gas3.911-0.064

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.37+0.05
Cantex0.05-0.01
Anavex Life Sciences0.223-0.0031
Metalex Ventures0.060.00
Russel Metals35.75-1.26
Copper Mountain Mining2.66-0.02
Colorado Resources0.165-0.01
ReliaBrand Inc0.0249+0.0009
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 



21196

FEATURED Property
2072536#5-80 Kettle View Road
4 bedrooms 5 baths
$828,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...

_








Member of BC Press Council


23087