Friday, March 27th9.9°C
25490

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

24497


Recent Trending




Today's Market
S&P TSX14827.68-42.12
S&P CDNX679.96+0.40
DJIA17695.81+17.58
Nasdaq4881.05+17.69
S&P 5002059.30+3.15
CDN Dollar0.7937-0.0072
Gold1196.30-8.80
Oil49.09-2.34
Lumber282.40-3.60
Natural Gas2.593-0.079

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.49-0.19
Copper Mountain Mining1.11-0.02
Colorado Resources0.12+0.00
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.26+0.02
Decisive Dividend Corporation1.85+0.07

 





FEATURED Property
2229836387 Okaview Road
6 bedrooms 4 baths
$589,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


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...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


24843