Saturday, April 18th10°C
25841

Canadian dollar rises after steep loss, traders look to rate announcement

TORONTO - The Canadian dollar closed higher Monday as traders focused on the release Wednesday of the Bank of Canada's interest rate announcement and its latest monetary policy report.

The loonie edged up 0.17 of a cent to 93.33 cents US.

The loonie had tumbled three-quarters of a US cent on Friday in the wake of disappointing employment data that saw the loss of 9,500 jobs in June.

The central bank is universally expected to leave its key rate at one per cent, where it has been for almost four years. That means traders will particularly focus on the bank's assessment of how the economy is performing amid rising inflation.

"We will also be looking for any comments about the recent strengthening of the Canadian dollar and the risks that it may pose for their assumption of strengthening exports," said Mark Chandler, head of Canadian FIC strategy at RBC Dominion Securities.

The currency has lately been hovering around the 94 cent US level. It had been trading around 90 cents US for much of the year but found buoyancy from rising oil prices, stronger than expected housing data and higher inflation.

Investors will also focus on monetary policy testimony from U.S. Federal Reserve chair Janet Yellen on Tuesday and Wednesday.

"While much of the impact of the semi-annual address has waned with the (Fed) now providing quarterly forecast updates, we would expect some questions on the timing of future rate increases," Chandler said.

"Also on Wednesday, the (Fed's latest regional economic survey) will be released and should, on the basis of recent job figures, be a relatively upbeat compendium of economic conditions."

Commodities were mixed as the price of oil edged higher after its biggest one-day drop since April amid growing expectations of more supplies from Libya. August crude added eight cents to US$100.91 a barrel.

Metals declined with September copper down two cents to US$3.25 a pound while August gold bullion dropped $30.70 to US$1,306.70 an ounce.

The Canadian Press


Read more Business News

24637


Recent Trending




Today's Market
S&P TSX15360.55-26.22
S&P CDNX702.85-2.74
DJIA17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
CDN Dollar0.8169-0.0001
Gold1204.10+6.10
Oil56.14-0.57
Lumber245.50-9.80
Natural Gas2.641-0.043

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.01
Cantex0.035+0.005
Anavex Life Sciences0.33+0.02
Metalex Ventures0.075+0.030
Russel Metals27.48-0.23
Copper Mountain Mining1.13+0.01
Colorado Resources0.10-0.00
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04-0.01
Mission Ready Services0.175-0.010
Decisive Dividend Corporation1.80+0.15

 



24200

FEATURED Property
22481619565 Hodges Road, Vernon, BC
$529,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25221

25633


Member of BC Press Council


25692