Monday, April 20th20.1°C
25933
24949

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 TSX15412.60+52.05
S&P CDNX703.65+0.80
DJIA18034.93+208.63
Nasdaq4994.60+62.79
S&P 5002100.40+19.22
CDN Dollar0.8157-0.002
Gold1193.20-0.30
Oil56.18-0.20
Lumber247.70-0.70
Natural Gas2.543+0.007

 
Okanagan Companies
Pacific Safety0.115-0.005
Knighthawk0.010.00
QHR Technologies Inc1.42+0.02
Cantex0.035+0.005
Anavex Life Sciences0.385+0.055
Metalex Ventures0.085+0.010
Russel Metals27.42-0.06
Copper Mountain Mining1.10-0.03
Colorado Resources0.11+0.01
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.185+0.010
Decisive Dividend Corporation1.80+0.15

 



25790

FEATURED Property
2225276#32 3745 Lakeshore
3 bedrooms 2 baths
$109,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25633

25922


Member of BC Press Council


25346