Wednesday, August 20th13.3°C
22938
21705

Loonie up, current account deficit narrows, traders look to Canadian GDP figures

TORONTO - The Canadian dollar closed higher Thursday amid data showing an improvement in an important measure in foreign trade and ahead of the latest reading on the health of the Canadian economy.

The loonie was up 0.33 of a cent to 92.28 cents US as Statistics Canada said the country’s current account deficit narrowed by $3.3 billion to $12.4 billion in the first quarter on a seasonally adjusted basis. The agency said the increase was led by an improved trade in goods balance, which recorded its first surplus in more than two years.

Meanwhile, Statistics Canada will 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.

Traders also considered data showing a contraction in the American economy in the first quarter.

The first revision to first-quarter gross domestic product showed that GDP actually shrank at an annualized rate of one per cent in the period, largely because of severe winter weather.

That was much higher than the 0.5 per cent drop that economists had expected, but they anticipate the weakness to be short-lived.

On the commodity markets, July crude oil gained 86 cents to US$103.58 a barrel.

August gold bullion lost $2.60 to US$1,257.10 an ounce and July copper slipped three cents to US$3.14 a pound.

The Canadian Press


Read more Business News

21623


Recent Trending




Today's Market
S&P TSX15561.95+84.78
S&P CDNX996.70-0.86
DJIA16979.1359.54
Nasdaq4526.482-1.032
S&P 5001986.51+4.91
CDN Dollar0.9107-0.0008
Gold1282.80-10.60
Oil96.30+1.82
Lumber356.30+1.30
Natural Gas3.854+0.031

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.21+0.01
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.0850.00
Russel Metals37.45+0.23
Copper Mountain Mining2.92+0.15
Colorado Resources0.185+0.015
ReliaBrand Inc0.085+0.008
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23+0.03

 



17772

FEATURED Property
20249471792 Shaleridge Place
4 bedrooms 4 baths
$1,132,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...


Going home to a bully!

Finally, after three months in New Brunswick, I am back home in the sunny Okanagan. It is a delight to be home and the lake, vistas, people and climate never disappoint. Like many people however, I...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...

_








Member of BC Press Council


22814