Loonie not ready to fly over fiscal cliff
The Canadian dollar was stuck below parity with the U.S. dollar Friday on worries about the fallout from a string of tax hikes and deep spending cuts set to automatically go into effect in the U.S. at the end of the year.
The loonie fell 0.12 of a cent to 99.84 cents US as worries about the knock-on effects from those hikes and cuts sent traders to the perceived safe haven of U.S. Treasuries.
Unless Democrats and Republicans can come together and arrange a deficit-cutting compromise, tax increases and spending cuts totaling US$600 billion will automatically come into effect, a so-called "fiscal cliff" that would likely tip the U.S. back into recession and drag down other economies with it, including Canada's.
Bank of Canada governor Mark Carney said Thursday that the fiscal cliff is the most imminent threat facing the Canadian economy.
Commodity prices were mixed amid worries about demand concerns and the higher greenback.
The December crude contract on the New York Mercantile Exchange shook off early losses after encouraging U.S. consumer data was released mid-morning, rising 60 cents to US$85.69 a barrel.
Read more Business News
- Store owner fed up with theftPenticton / S. Okanagan - 7:04 pm
- Naming Kelowna's new hotel?Poll - 5:00 pm
- Borba testimony concludesPenticton / S. Okanagan - 5:05 pm
- Medical issue sends SUV into creekKelowna - 3:55 pm
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.93||+0.02|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.245||-0.005|
Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....
Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...