Saturday, August 29th18.7°C
27468
26015

Canadian dollar advances, greenback weakens on Fed rate expectations

TORONTO - The Canadian dollar registered a solid gain Wednesday amid general U.S. dollar weakness and higher commodity prices.

The loonie rose 0.23 of a cent to 91.89 cents US.

Analysts pointed to low expectations for first-quarter U.S. gross domestic product growth, owing to the severe winter weather, and suggestions the American economy may have contracted during the January-March period.

"Accordingly, the expectations for Fed interest rate hikes have been pared back slightly," said Camilla Sutton, chief FX strategist, managing director, Scotiabank Global Banking and Markets.

Those expectations also sent the benchmark U.S. 10-year Treasury sharply lower. It slipped nine basis points on the day to 2.528 per cent, the lowest level since last October on a closing basis.

On the commodity markets, June crude in New York gained 67 cents to US$102.37 a barrel.

July copper gained two cents to US$3.16 a pound while June gold bullion rose $11.10 to US$1,305.90 an ounce.

Statistics Canada releases the March report on manufacturing shipments on Thursday.

Traders will also look to the release of April existing home sales data Thursday morning.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13865.07+98.40
S&P CDNX555.67+10.10
DJIA16643.01-11.76
Nasdaq4828.32+15.62
S&P 5001988.87+1.21
CDN Dollar0.75730.00
Gold1119.50-5.10
Oil45.26+2.70
Lumber237.20-9.70
Natural Gas2.719+0.055

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.29+0.05
Cantex0.04-0.01
Anavex Life Sciences1.34-0.05
Metalex Ventures0.055+0.000
Russel Metals21.41+0.43
Copper Mountain Mining0.64-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.004-0.000
Sunrise Resources Ltd0.025+0.005
Mission Ready Services0.07+0.01
Decisive Dividend Corp2.75+0.14

 



27194

FEATURED Property
2300565255 Feathertop Way #201
2 bedrooms 2 baths
$198,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...


Begin with the end in mind

Photo: ContributedWe humans love our dates: birthdays, anniversaries, 9/11, the Ides of March - our lives are intimately woven within the tapestry of the calendar. So it should come as no surprise whe...

_








Member of BC Press Council


27302