Loonie closes flat amid higher commodities; traders look to key U.S. data
TORONTO - The Canadian dollar closed little changed Monday amid rising commodity prices and ahead of key American economic data coming out this week.
The loonie slipped 0.01 of a cent to 91.77 cents US after falling almost two-thirds of a US cent Friday in the wake of disappointing employment data for April.
Traders will consider the April reading on U.S. retail sales on Tuesday as well as capacity utilization and industrial production data on Thursday and April housing starts numbers along with the May reading on consumer confidence from the University of Michigan on Friday.
Together, they are expected to indicate that the U.S. economy will run ahead 3.8 per cent in the second quarter after likely contracting in the January-March period.
It's a light week for Canadian data. Statistics Canada releases the March report on manufacturing shipments on Thursday.
On the commodity markets, July copper gained seven cents to US$3.15 a pound amid speculation that the Chinese government will take steps to support markets.
China's cabinet promised in an announcement late Friday to allow local governments to issue bonds and to streamline the approval process for initial public stock offerings, a move that was seen as widening market access.
June gold bullion added $8.20 to US$1,295.80 and ounce, while June crude oil ran up 60 cents to US$100.59 a barrel.
Meanwhile, the European Union added 13 more people and two enterprises to its Ukraine list for visa bans and asset freezes. The EU made the move Monday after pro-Russian insurgents claimed 89 per cent of those who cast ballots Sunday in eastern Ukraineâ€™s Donetsk region and about 96 per cent of those who turned out in the neighbouring Luhansk region voted for sovereignty in referendums held on the weekend. It remained unclear whether the vote could lead to their secession.
Read more Business News
- Manteo downsizes marinaKelowna - 5:02 am
- Sun ready to open new seasonBCFC - 5:00 am
- Gaza rally in PentictonPenticton / S. Okanagan - 5:00 am
- No booze for BoonstockPenticton / S. Okanagan
|QHR Technologies Inc||1.15||-0.02|
|Anavex Life Sciences||0.275||-0.005|
|Copper Mountain Mining||2.82||0.00|
|Sunrise Resources Ltd||0.05||+0.025|
|Mission Ready Services||0.19||+0.01|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...