Sunday, May 24th14.1°C
26424

Loonie up, March retail sales miss expectations, traders look to inflation data

TORONTO - The Canadian dollar closed higher Thursday amid a worse than expected showing in retail sales in March.

The loonie was ahead 0.18 of a cent to 91.8 cents US as Statistics Canada reported that sales actually fell 0.1 per cent in March to $41.1 billion, led by a decrease in the motor vehicle segment. Economists had expected a gain of 0.3 per cent.

The agency said that motor vehicle and parts dealers contributed the most in dollar terms to the March decline, with sales falling 0.7 per cent.

On Friday, markets will look to the latest Canadian inflation data and what effect the reading could have on the Bank of Canada's interest rate announcement in early June.

Economists expect the inflation data will show that the consumer price index rose two per cent year over year in April, up from the 1.5 per cent reading registered the previous month.

Meanwhile, China’s manufacturing contraction eased in May, as HSBC’s preliminary purchasing managers’ index rose to 49.7 from 48.1 in April. Numbers above 50 on the 100-point scale indicate expansion.

The HSBC reading follows a similar survey by an official group that had also been showing signs of a rebound in China, with factory activity growing weakly in April.

Analysts say that the improvements in both surveys suggest the Chinese government’s targeted measures to support the economy are moderating the pace of the slowdown.

On the commodity markets, copper prices rose in the wake of the Chinese manufacturing data with the July contract up two cents to US$3.14 a pound.

June gold bullion gained $6.90 to US$1,295 an ounce and July crude lost 33 cents to US$103.74 a barrel.

The Canadian Press


Read more Business News

26416


Recent Trending




Today's Market
S&P TSX15200.76-2.85
S&P CDNX703.48+2.97
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8142-0.0053
Gold1205.70+1.30
Oil57.45-1.98
Lumber273.30+3.70
Natural Gas2.885-0.064

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.48+0.03
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.09+0.01
Russel Metals25.79-0.03
Copper Mountain Mining1.38-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation2.20+0.60

 



26361

FEATURED Property
22164682352 Selkirk Drive
4 bedrooms 3 baths
$529,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_








Member of BC Press Council


25772