Saturday, December 20th1.0°C
24563
22934

Economic growth worries push loonie lower, traders look to rate announcement

TORONTO - The Canadian dollar lost ground for a second day Friday after weak trade data from China raised fresh questions about overall global economic growth.

The loonie was down 0.42 of a cent to 91.08 cents US after falling almost half a cent on Thursday.

"China's trade data disappointed, suggesting that GDP growth is likely to disappoint, even with new stimulus," said Camilla Sutton, Chief FX strategist with Scotiabank Global Banking and Markets.

"For now the commodity currencies have essentially ignored this. However any further weakness in data releases next week would put downward pressure on commodity/growth currencies."

Traders are now looking ahead to next week when the Chinese government releases its first quarter growth figures.

There was another sign of economic weakness in data out Friday, which showed that China's growth in auto sales decelerated further in March with sales up 7.9 per cent to 1.7 million vehicles, down from February's 11.3 per cent growth.

Markets will also be looking to next Wednesday when the Bank of Canada makes its next scheduled interest rate announcement.

Commodities were mixed as the May crude contract on the New York Mercantile Exchange climbed 34 cents to US$103.74 a barrel.

May copper was unchanged at US$3.05 a pound, while June bullion faded $1.50 to US$1,319 an ounce.

The Canadian Press


Read more Business News

24387


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8618+0.0001
Gold1197.20+2.50
Oil56.50+2.39
Lumber336.20-0.70
Natural Gas3.446-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
24130


24200

FEATURED Property
15096391475 Pritchard Drive
5 bedrooms 6 baths
$7,995,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_








Member of BC Press Council


24433