The buck is up
Oct 25, 2012 / 6:30 am
The Canadian dollar was higher Thursday amid rising oil and gold prices and data that showed Britain's economy emerged from recession in the July-to-September quarter after a nine-month downturn.
The loonie rose 0.31 of a cent to 100.82 cents US.
"A broadly weaker U.S. dollar, partially on the back of a better risk environment after the U.K. released a strong GDP report and many are suggesting that the worst is behind us have helped support the Canadian dollar," said Scotia Capital chief currency strategist Camilla Sutton.
Britain's economy grew by a bigger than expected one per cent, which beat the market consensus forecast of 0.6 per cent growth. It was the strongest quarterly growth in five years and brings economic output back to the same level of a year ago. It is a first estimate and is subject to revision.
Oil prices strengthened after five days of losses, including a drop of almost $1 Wednesday in the wake of data showing a much larger increase in crude inventories last week than had been expected. The December contract on the New York Mercantile Exchange gained 76 cents to US$86.49 a barrel.
Copper was unchanged for a second day at US$3.57 a pound. But prices for the metal viewed as an economic barometer slid 18 cents in the previous four sessions.
December bullion gained $12.60 to US$1,714.20 an ounce.
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