Tuesday, September 30th13.2°C
23366
22768

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

23015


Recent Trending




Today's Market
S&P TSX14989.72+12.80
S&P CDNX906.80-5.96
DJIA17078.797.57
Nasdaq4500.311-5.542
S&P 5001975.98-1.82
CDN Dollar0.8929-0.0029
Gold1208.90-9.90
Oil89.81-2.97
Lumber333.70+4.80
Natural Gas4.126-0.028

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.25+0.02
Cantex0.07-0.02
Anavex Life Sciences0.1825-0.0025
Metalex Ventures0.0550.00
Russel Metals34.68+0.19
Copper Mountain Mining2.43-0.09
Colorado Resources0.165+0.015
ReliaBrand Inc0.0157-0.0043
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



23500

FEATURED Property
2087060Mobile Home at the Lake
$50,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22496