Canadian dollar posts 6-day high as equities advance | Canada News Media
Connect with us

Economy

Canadian dollar posts 6-day high as equities advance

Published

3 years ago

 on

The Canadian dollar strengthened to its highest level in nearly one week against the greenback on Wednesday, as Wall Street shook off a decline in U.S. private payrolls and the Bank of Canada reiterated that interest rates are heading higher.

The loonie was trading 0.2% higher at 1.2655 to the greenback, or 79.02 U.S. cents, after touching its strongest intraday level since last Thursday at 1.2651.

The move higher in equities helped the loonie, said Erik Bregar, CEO of Bregar Capital Corp and author of The FX Beat.

“We’ve seen a nice little short-term bottoming pattern in the Canadian dollar early this week,” Bregar added.

Wall Street remained on course to extend gains to a fourth straight session after a turbulent start to the year, despite data showing private payrolls fell by 301,000 last month.

Last Friday, the loonie touched its weakest level in more than three weeks at 1.2796.

Bank of Canada Governor Tiff Macklem told the Senate banking committee that there was some uncertainty about how quickly inflation would drop and that interest rates would have to move higher, repeating the message from last week’s policy announcement.

Money markets expect the first hike in March and at least five in total this year.

Canada’s jobs report for January, due on Friday, could provide further clues on the interest rate outlook.

The price of oil, one of Canada’s major exports, held near a seven-year high after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly.

U.S. crude oil futures settled six cents higher at $88.26 a barrel.

Canadian government bond yields were lower across the curve, tracking the move in U.S. Treasuries. The 10-year eased 3.7 basis points to 1.755%.

 

(Reporting by Fergal Smith, Editing by Nick Zieminski and Sandra Maler)

Related Topics:
Continue Reading

Economy

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

Published

2 days ago

 on

September 13, 2024

By

 

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)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Statistics Canada reports wholesale sales higher in July

Published

2 days ago

 on

September 13, 2024

By

 

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.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

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

Published

3 days ago

 on

September 12, 2024

By

 

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)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version