Economy

Canadian dollar rebounds as commodity currencies outperform

Published

3 years ago

November 15, 2021

The Canadian dollar rose against the greenback on Monday, recouping some of last week’s decline as China reported stronger-than-expected economic data and Bank of Canada Governor Tiff Macklem said Canada’s economy is moving closer to full capacity.

The loonie was trading 0.3% higher at 1.2509 to the greenback, or 79.94 U.S. cents, after trading in a range of 1.2501 to 1.2556.

Among G10 currencies, only the Australian dollar notched a bigger gain. Canada and Australia are major commodity producers.

“G10 commodity currencies are largely undeterred by the latest downturn in oil prices,” said Simon Harvey, senior FX market analyst for Monex Europe and Monex Canada.

U.S. crude oil futures settled 0.1% higher at $80.88 a barrel after hitting its lowest level in 10 days earlier in the day.

Commodity-linked currencies gained on news that China’s industrial output and retail sales grew more quickly than expected in October.

The data was “constructive” for commodity demand, Harvey said.

Last week, the loonie declined 0.7%. On Friday, it touched its weakest intraday level in more than five weeks at 1.2604.

The Bank of Canada will not raise its benchmark interest rate until economic slack is absorbed, which has not yet happened but is getting closer, Macklem said in an opinion piece.

Canadian factory sales fell 3.0% in September from August as a shortage of semiconductors crimped sales of motor vehicles, while wholesale trade for the same month grew by 1.0%.

Separate data showed Canadian home sales rose 8.6% in October from September.

The Canadian 10-year was up 4.5 basis points at 1.720%, while the gap between it and the U.S. 10-year rate widened by nearly one basis point to 10 basis points in favor of the Canadian bond.

(Reporting by Fergal Smith; Editing by Andrea Ricci and Richard Chang)

Economy

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

Published

3 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

3 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

4 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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