Wednesday, October 22nd9.5°C
23840
23004

Canadian dollar closes lower, U.S., EU ratchet up sanctions pressure on Russia

TORONTO - The Canadian dollar closed sharply lower Tuesday with markets turning cautious at the end of the session as the United States and European Union adopted tough new sanctions on Russia over that country's continued support of Ukrainian rebels, who have been blamed for the downing of an airliner by a missile earlier this month.

The loonie declined 0.5 of a cent to 92. cents US.

The new measures specifically target sectors of the Russian economy, including energy, weapons and finance. Also, Russian state-owned banks will be banned from selling bonds or equities with a maturity of over 90 days in European capital markets.

The greenback had initially strengthened mid-morning on the back of a strong reading on consumer confidence.

The U.S. Conference Board reported that its Consumer Confidence Index jumped to 90.9 in July from 85.2 in the prior month. It's the highest level since October 2007.

Other data showed that U.S. home prices rose in May from a year earlier at the weakest pace in 15 months. The Standard & Poor’s/Case-Shiller 20-city home price index increased 9.3 per cent in May, down from 10.8 per cent in the previous month.

Meanwhile, the U.S. Federal Reserve started its two-day meeting on interest rates.

The Fed is expected to keep its key interest rate near zero for some time to come. But while markets have generally expected the Fed to move in mid-2015, economic performance has improved to a point where it is thought the central bank could move earlier.

Elsewhere on the economic front, on Wednesday traders will take in the latest economic growth readings from Canada and the U.S. That will be followed by a report Thursday on China’s manufacturing industry that will give investors an update on the health of the world’s second biggest economy.

And on Friday, the U.S. will release its monthly jobs data. Analysts estimate that the U.S. labour market added between 235,000 and 255,000 jobs in July.

On the commodity markets, the September crude contract in New York was down 70 cents to US$100.97 a barrel.

September copper eased two cents to US$3.23 a pound while August bullion faded $5 to US$1,298.30 an ounce.

The Canadian Press


Read more Business News

23658


Recent Trending




Today's Market
S&P TSX14312.07-235.64
S&P CDNX808.00-14.28
DJIA16461.32-153.49
Nasdaq4382.847-36.632
S&P 5001927.11-14.17
CDN Dollar0.8889-0.0006
Gold1243.00-2.50
Oil79.94-0.19
Lumber330.40+1.70
Natural Gas3.658-0.001

 
Okanagan Companies
Pacific Safety0.12+0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.055-0.025
Anavex Life Sciences0.198+0.006
Metalex Ventures0.05+0.005
Russel Metals32.53-0.56
Copper Mountain Mining2.10-0.07
Colorado Resources0.145-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.405-0.055

 





FEATURED Property
193729211 1865 Begbie Road
3 bedrooms 3 baths
$444,620
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_








Member of BC Press Council


22632