Friday, January 30th0.4°C
24779
24889

Canadian dollar up after Carney move

The Canadian dollar was higher Tuesday as traders weighed the chances of higher interest rates and higher commodity prices.

There was also relief that Greece has secured another instalment of bailout money to stave off bankruptcy.

The loonie gained 0.18 of a cent to 100.8 cents US a day after Bank of Canada governor Mark Carney surprised markets in announcing he is leaving the central bank to take the top job at the Bank of England.

"The Canadian dollar negative uncertainty over who will lead the bank once Mark Carney moves . . . has been offset by an improvement in risk appetite and an OECD economic outlook report which suggests that the Bank of Canada might need to increase interest rates by the second half of 2013," said Scotia Capital chief currency strategist Camilla Sutton.

"The OECD notes that there is not a large amount of economic slack which could lead to inflationary pressures."

The Organization for Economic Co-operation and Development also said in a new report Tuesday that Canada's economy will grow by 1.5 per cent in the final three months of this year, and advance only 1.8 per cent in 2013.

Next year's projection is half a point below the Bank of Canada's official forecast, although the two institutions agree that 2014 will see an improvement to 2.4 per cent growth.

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14637.28+34.40
S&P CDNX667.11-0.19
DJIA17416.85+225.48
Nasdaq4683.407+45.413
S&P 5002021.25+19.09
CDN Dollar0.7901-0.0022
Gold1286.60-5.10
Oil46.60+0.24
Lumber325.10+3.30
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.40-0.07
Cantex0.04+0.005
Anavex Life Sciences0.18-0.002
Metalex Ventures0.04+0.005
Russel Metals23.58-0.12
Copper Mountain Mining0.98-0.02
Colorado Resources0.15+0.005
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.05+0.02
Mission Ready Services0.235+0.025

 



23015

FEATURED Property
2187766#410-563 Yates Road
2 bedrooms 2 baths
$275,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Leaving a job: changing careers

Many people, who find themselves out of work and with time on their hands, and money in their pockets due to lay-off, start thinking about a career change. If you weren’t happy with the directio...


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...

_








Member of BC Press Council


24975