Loonie sinks before Greek elections
Jun 15, 2012 / 11:55 am
The Canadian dollar weakened slightly on Friday ahead of the Greek elections this weekend, which could signal the country's exit from the euro currency union.
The loonie was down 0.02 of a cent to 97.66 cents US, as oil prices weakened.
Markets were backing off earlier fears about Greece on Friday as belief increased that central banks would intervene if necessary.
Investors fear that if Greece's new government reneges on its terms of an EU bailout, the country could be forced to leave the euro currency union, with uncertain consequences for financial markets and the global economy.
Contributing to a lower Canadian dollar were falling oil prices, with the July crude contract on the New York Mercantile Exchange down 32 cents at US$83.59 a barrel.
July copper was up three cents to US$3.38 a pound while August gold rose $6.40 to US$1,626.00 an ounce.
Statistics Canada reported that manufacturing sales fell 0.8 per cent in April to $49.1 billion, marking the third decline in four months, driven in particular by the aerospace product and parts industry and in petroleum and coal products.
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