Thursday, December 18th2.8°C
24562

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

24376


Recent Trending




Today's Market
S&P TSX14346.75+133.36
S&P CDNX665.50+6.47
DJIA17778.15421.28
Nasdaq4748.396+104.085
S&P 5002061.23+48.34
CDN Dollar0.8632-0.0001
Gold1197.90+3.2001
Oil54.89-1.58
Lumber336.90+1.70
Natural Gas3.755+0.053

 
Okanagan Companies
Pacific Safety0.13+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.28+0.01
Cantex0.03-0.005
Anavex Life Sciences0.17+0.0041
Metalex Ventures0.055+0.005
Russel Metals26.00-1.18
Copper Mountain Mining1.57+0.03
Colorado Resources0.12+0.015
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.055+0.005
Mission Ready Services0.225+0.005

 
24130


21297

FEATURED Property
2053694306 Stellar Drive
3 bedrooms 2 baths
$714,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...


Managing your sales team

Managing a sales team can be quite a challenge. Harnessing individual personality preferences and getting everyone focused on the same goals, moving at the same pace, and working in collaboration to d...


Working under the table

They say there are only two things that are certain in life: death and taxes. Not exactly an uplifting thought, but true nonetheless. Some people try to avoid paying tax by “working under the ta...

_



24111




Member of BC Press Council


23895