Tuesday, March 31st6.1°C
25757
24949

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




Recent Trending




Today's Market
S&P TSX14902.44-5.95
S&P CDNX680.07-0.26
DJIA17776.12-200.19
Nasdaq4900.88-46.56
S&P 5002067.89-18.35
CDN Dollar0.7908+0.002
Gold1187.30+4.20
Oil47.38-0.22
Lumber275.30-2.90
Natural Gas2.64-0.00

 
Okanagan Companies
Pacific Safety0.125+0.010
Knighthawk0.010.00
QHR Technologies Inc1.48-0.02
Cantex0.03-0.01
Anavex Life Sciences0.211-0.004
Metalex Ventures0.04+0.00
Russel Metals24.04-0.36
Copper Mountain Mining1.16-0.02
Colorado Resources0.11-0.01
ReliaBrand Inc0.0036-0.0024
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.25+0.02
Decisive Dividend Corporation1.80+0.02

 



25185

FEATURED Property
218271423 Valley Drive
10091323 bedrooms
$85,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Down payment

If you have less than 20% down payment, mortgage insurance is required through Canada Mortgage & Housing (CMHC), Genworth or Canada Guaranty. Homeowners no longer need the minimum 5% down payment ...


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...

_








Member of BC Press Council


25342