Friday, August 29th19.4°C
23003

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

23015


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9194+0.0003
Gold1281.70-2.1001
Oil95.84+1.29
Lumber349.60+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22965

FEATURED Property
1866587556 Knowles Road, Kelowna, BC
4 bedrooms 4 baths
$799,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


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...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_



22885




Member of BC Press Council


23002