Saturday, August 1st33.3°C
27107
26015

Loonie closes lower, traders look to Ontario budget, Chinese manufacturing data

TORONTO - The Canadian dollar closed slightly lower Thursday as traders looked to mixed economic data and a key provincial budget that came down after markets closed.

The loonie was down 0.01 of a cent at 91.23 cents US.

It’s a quiet day for Canadian economic data but traders looked to the contents of the Ontario budget presented after the close by the province's minority Liberal government.

The Liberals are expecting to spend $12.5 billion more than they take in this year, up from $11.3 billion last year and the $10.1 billion projected in their 2013 budget.

"The immediate questions will likely be: Will the budget get support from the opposition? And if so, will any backsliding in the fiscal plan fly under the credit ratings agencies' radar?" said BMO Capital Markets senior economist Michael Gregory.

"Recall that (ratings agency) S&P placed a negative outlook on Ontario's AA- rating after the 2012 budget."

Meanwhile, data showed that the number of Americans applying for unemployment benefits rose 14,000 to 344,000 last week, the highest level since February. That was unwelcome news a day before the U.S. government releases its non-farm payrolls report for April on Friday.

Other data from the Institute for Supply Management showed that its manufacturing index rose to 54.9 from 53.7 in March as U.S. exports picked up and factories accelerated hiring.

Meanwhile, a survey of Chinese manufacturers showed activity grew weakly in April.

The government-sanctioned China Federation of Logistics and Purchasing said Thursday that its monthly purchasing managers index stood at 50.4 points, up marginally from March’s 50.3 points. Any reading above 50 indicates expansion.

The showing comes as investors wonder if China can maintain growth at the official target of 7.5 per cent.

A separate survey earlier by HSBC Corp. showed April manufacturing activity shrank for a fourth straight month.

July copper edged a penny lower to US$3.02 a pound, the June crude contract in New York fell 32 cents to US$99.42 a barrel and June gold bullion fell $12.50 to US$1,283.40 an ounce.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7640-0.0052
Gold1096.90+0.60
Oil47.22-1.69
Lumber252.30+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
1389640310-3115 Demontreuil Court
2 bedrooms 2 baths
$250,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26370




Member of BC Press Council


27074