Friday, October 31st6.2°C
21625
23129

Loonie up on solid U.S. data, markets look to key reports on employment, trade

TORONTO - The Canadian dollar turned higher late morning Monday on indications that the U.S. economy is bouncing back strongly in the second quarter, following a weather-impacted first quarter.

The loonie climbed 0.16 of a cent to 91.23 cents US as the Institute for Supply Management's index hit 55.2 during April versus the reading of 54 that economists had expected.

Traders also took in data showing that Chinese manufacturing shrank in April for the fourth month in a row and looked ahead to a pair of key Canadian economic reports coming out this week.

The HSBC index of Chinese factory activity showed that Chinese manufacturing only rose by 0.1 point to 48.1 in April, using a 100-point scale on which readings below 50 indicate contraction.

The gauge also fell short of its already weak preliminary result, raising concerns among investors that the slowdown in the world’s second biggest economy is entrenched.

The dollar could find some further movement later in the week from the release of the latest reading on employment on Friday and trade data on Tuesday.

Economists expect the Canadian economy created about 16,000 jobs during April, down from 43,000 jobs in March. But job creation has been volatile and regularly missing economists' expectations.

Meanwhile, it is expected that a trade surplus of about $450 million was racked up during March, up from $290 million in February.

Traders also kept an eye on the deteriorating situation in Ukraine where troops fought pitched gun battles Monday with a pro-Russia militia occupying the eastern city of Slovyansk.

In the last few weeks, anti-government forces have stormed and seized government buildings and police stations in a dozen eastern Ukrainian cities. Authorities in Kyiv blame Russia for backing the insurgents.

On the commodity markets, June crude in New York fell 32 cents to US$99.44 a barrel.

Geopolitical worries pushed gold higher for a second day, up $6.80 to US$1,309.70 an ounce while July copper was off a cent at US$3.06 a pound.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14613.32+154.63
S&P CDNX769.59-2.06
DJIA17390.52195.10
Nasdaq4630.742+64.604
S&P 5002018.05+23.40
CDN Dollar0.88750.00
Gold1166.30-32.2999
Oil80.55-0.35
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.125+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.18+0.03
Cantex0.045-0.015
Anavex Life Sciences0.185+0.0139
Metalex Ventures0.03-0.005
Russel Metals32.85+0.63
Copper Mountain Mining2.09+0.12
Colorado Resources0.125-0.015
ReliaBrand Inc0.015+0.003
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.39+0.015

 





FEATURED Property
1886883108-770 Rutland Road
2 bedrooms 2 baths
$217,900
more details
image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23741