Tuesday, January 27th0.2°C
24736
23931

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

24667


Recent Trending




Today's Market
S&P TSX14797.83+18.48
S&P CDNX674.39-3.79
DJIA17678.70+6.10
Nasdaq4771.764+13.885
S&P 5002057.09+5.27
CDN Dollar0.8017+0.0001
Gold1277.20-2.2001
Oil46.82-0.11
Lumber316.00-0.30
Natural Gas2.987+0.106

 
Okanagan Companies
Pacific Safety0.14+0.025
Knighthawk0.010.00
QHR Technologies Inc1.39+0.01
Cantex0.035+0.005
Anavex Life Sciences0.18-0.001
Metalex Ventures0.035-0.005
Russel Metals24.45-0.03
Copper Mountain Mining1.09-0.01
Colorado Resources0.135-0.02
ReliaBrand Inc0.006+0.001
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.24+0.02

 



24811

FEATURED Property
21918307471 Sun Valley Road
4 bedrooms 3 baths
$649,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_








Member of BC Press Council


23646