Economy

Canadian dollar edged higher range ahead of BoC rate decision

Published

3 years ago

June 7, 2021

The Canadian dollar edged higher against the greenback on Monday but kept to its recent trading range, as Ontario announced earlier than planned easing of COVID-19 curbs and investors awaited a Bank of Canada interest rate decision this week.

The loonie was trading 0.1% higher at 1.2064 to the greenback, or 82.89 U.S. cents, having traded in a range of 1.2056 to 1.2106. Last Tuesday, it touched its strongest level in six years at 1.2007.

Ontario, Canada‘s most populous province, said it will loosen COVID-19 restrictions starting June 11, three days ahead of schedule, as infection rates continue to drift lower.

The Bank of Canada is widely expected to leave its benchmark interest rate on hold at a record low of 0.25% on Wednesday. In April, the central bank signaled it could start hiking rates in late 2022 and tapered its bond purchases.

After lengthy domestic lockdowns and a weaker-than-expected rebound in the U.S. labor market, the Bank of Canada could dial back some of the optimism it showed at the last policy announcement in April,” Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Markets, said in a note.

“A more cautious tone from the BoC” is likely, Reitzes said.

Data on Friday showed that the U.S. economy added less jobs than expected in May, weighing on the U.S. dollar.

The price of oil, one of Canada‘s major exports, touched its highest level since October 2018 at $70 a barrel before settling 0.6% lower at $69.23. Oil has been supported by expectations of improved demand and OPEC producers keeping supply curbs in place.

Canadian government bond yields rose across much of a steeper curve, with the 10-year up 1.8 basis points at 1.474%. On Friday, it touched its lowest since May 26 at 1.456%.

(Reporting by Fergal Smith; editing by Jonathan Oatis and Grant McCool)

Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

2 days ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

2 days ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

3 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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