Saturday, September 20th22.5°C
23518
22754

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

21196


Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4593.426-13.637
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

 





FEATURED Property
1791323466 Trumpeter Road, Kelowna, bC
4 bedrooms 4 baths
$1,599,000
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


22814