Friday, October 31st8.5°C
23696

Loonie closes lower, traders look to economic growth data later in the week

TORONTO - The Canadian dollar closed lower Wednesday, giving up early strength as commodity prices weakened.

The loonie was down 0.12 of a cent at 91.95 cents US.

On the commodity markets, July crude oil in New York fell $1.39 to US$102.72 a barrel.

June gold was off $6.20 at a fresh three-month low of US$1,259.30 an ounce.

Bullion had closed Tuesday at its lowest level since early February amid an easing of concerns about Ukraine. Worries about higher inflation had also supported gold prices, but now economists are, if anything, more worried about deflation, particularly in Europe.

July copper was unchanged at US$3.18 a pound.

The pace for economic releases picks up later in the week.

Traders are particularly interested in seeing how the Canadian economy performed in the first three months of the year. Statistics Canada releases gross domestic product data for March and the first quarter on Friday. Economists are looking for an annualized rise of 1.7 per cent for the quarter and 0.1 per cent for the month.

That data is of particular concern, coming out days before the Bank of Canada releases its next interest rate announcement.

Also, traders will be looking for the latest U.S. data to see if the American economy actually contracted in the first quarter when the first revision to U.S. gross domestic product data is released Thursday. The initial report showed growth coming in at a paltry 0.1 per cent as severe winter weather impacted the economy, but markets are braced for a worse reading.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14583.61+124.92
S&P CDNX761.95-9.70
DJIA17361.91166.49
Nasdaq4628.438+62.30
S&P 5002014.02+19.37
CDN Dollar0.8852-0.0082
Gold1165.40-33.20
Oil79.65-1.25
Lumber324.80+1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.12+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.13-0.02
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.03-0.005
Russel Metals32.59+0.37
Copper Mountain Mining2.02+0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
202561816710 Wentworth Road
10085895 bedrooms
$1,795,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23691