Tuesday, September 2nd12.8°C
22736
22642

Canadian dollar advances amid strong U.S. housing data, mixed commodities

TORONTO - The Canadian dollar closed higher Friday amid mixed U.S. economic data and commodity prices.

The loonie was up 0.17 of a cent to 92.11 cents US as American housing starts for April came in at an annualized pace of 1.072 million units, higher than the 980,000 that economists had expected.

Financial markets have been pressured this week by fresh economic worries after data showed the recovery in Europe is more fragile than thought, while retail giant and economic barometer Wal-Mart Stores delivered a disappointing outlook for the second quarter.

The University of Michigan's latest consumer sentiment index also offered a glum reading Friday morning. The index registered 81.8 for this month, well below the 85 level that had been expected and lower than the 84.1 reading in April.

It has also been a remarkable week in the fixed income area where bond yields have fallen sharply amid equity market nervousness.

"On a month-to-date basis, portfolios have shifted away from equities and into bonds, but also away from the European periphery bond market into other sovereigns," said Camilla Sutton, chief FX strategist, managing director, Scotiabank Global Banking and Markets.

"The impact has been a major shift in yields."

The benchmark U.S. 10-year Treasury was at 2.52 per cent Friday afternoon, after starting the week at 2.66 per cent and going as low as 2.47 per cent on Thursday.

And the rally hasn't been confined to the U.S.

In Canada, intraday yields on 10-year Government of Canada bonds touched 2.22 per cent Thursday after sitting as high as 2.4 per cent earlier in the week. Late Friday morning, the Canadian 10-year yield stood at 2.264 per cent.

On the commodity markets, July copper was unchanged at US$3.15 a pound.

June gold bullion edged 20 cents lower to US$1,294 an ounce while June crude gained 52 cents to US$102.02 a barrel.

The Canadian Press


Read more Business News

21313


Recent Trending




Today's Market
S&P TSX15619.08-6.65
S&P CDNX1010.88-13.11
DJIA17067.56-30.89
Nasdaq4598.188+17.917
S&P 5002002.28-1.09
CDN Dollar0.9151+0.0003
Gold1268.10+3.10
Oil93.13+0.25
Lumber350.50+0.80
Natural Gas3.946+0.008

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.18-0.01
Cantex0.08+0.01
Anavex Life Sciences0.24-0.01
Metalex Ventures0.07-0.005
Russel Metals36.42-0.06
Copper Mountain Mining2.90-0.03
Colorado Resources0.165-0.015
ReliaBrand Inc0.100.00
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.225-0.02

 



22929

FEATURED Property
19502374149 Gallaghers Fairway S.
3 bedrooms 3 baths
$749,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Manage your behaviour

You can’t manage what you can’t control! You can’t manage the number of sales you’re going to make but you can manage the behaviour that will help you make those sales. Obvious...


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...

_








Member of BC Press Council