Tuesday, July 22nd23.6°C
21452
22455

Canadian dollar falls after lower than expected GDP data weighs heavy

TORONTO - The Canadian dollar weakened Monday after the latest GDP figures showed that economic growth is moving at a sluggish pace.

The loonie dropped 0.08 of a cent to 93.72 cents US.

Statistics Canada said the economy grew by 0.1 per cent in April — the same pace as in March — on lower oil and gas production. The figures failed to meet economists' expectations of a gain of 0.2 per cent, according to Thomson Reuters.

Traders have been watching for signs that the economy has moved on from the long, severe winter, which dragged consumer spending in the first quarter.

Commodity prices were mixed with August crude losing 37 cents to US$105.37 a barrel. Crude prices have declined recently in the wake of the weaker than expected U.S. consumer data and expectations that the insurgency in Iraq won't spread to that country's oil-producing south.

September copper was up 3.55 cents at US$3.55 a pound, while August gold bullion lifted $2 to US$1,322 an ounce.

The loonie has had a positive month, up about 1 1/2 cents to a six-month high as gold and oil prices rose amid geopolitical concerns in Iraq and tensions continued in Ukraine and Russia.

The loonie had also found support from stronger than expected inflation data, which raised expectations that the Bank of Canada might raise interest rates sooner than thought.

The Canadian Press


Read more Business News

22447


Recent Trending




Today's Market
S&P TSX15315.13+65.14
S&P CDNX1010.884.40
DJIA17113.5461.81
Nasdaq4456.016+31.312
S&P 5001983.53+9.90
CDN Dollar0.9311-0.0002
Gold1313.40+4.2001
Oil104.30-0.29
Lumber332.50+6.20
Natural Gas3.761-0.011

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.19+0.04
Cantex0.06+0.005
Anavex Life Sciences0.33-0.018
Metalex Ventures0.07+0.005
Russel Metals35.60+0.61
Copper Mountain Mining2.83+0.14
Colorado Resources0.215+0.015
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



22567

FEATURED Property
14436168856 Hampshire Crescent
10043325 bedrooms
$189,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...


Euro debt woes re-emerge

Big Picture Euro debt woes re-emerge Europe’s debt woes jumped back into the headlines this week trumping other economic, geopolitical and corporate developments. Word that one of Portugal&rsquo...

_








Member of BC Press Council


22685