Economy

Canadian dollar steadies as inflation climbs

Published

3 years ago

June 17, 2021

The Canadian dollar was little changed against its U.S. counterpart on Wednesday as domestic data showed consumer prices rising at the fastest pace in a decade, with the currency steadying after falling on Tuesday to a near seven-week low.

Canada‘s annual inflation rate accelerated to 3.6% in May from 3.4% in April, driven by surging shelter and passenger vehicles prices, Statistics Canada said. That was slightly ahead of analyst expectations and the highest since May 2011.

The Bank of Canada has said it expects inflation to ease later in the year as the statistical comparison to tanking prices last year diminishes and slack in the economy exerts downward pressure.

With U.S. inflation also on the rise, investors were looking to the Federal Reserve policy statement at 1400 EDT (1800 GMT) for signs of a response. Currency market activity was generally quiet ahead of the announcement.

The Canadian dollar was trading nearly unchanged at 1.2184 to the greenback, or 82.07 U.S. cents, after trading in a range of 1.2170 to 1.2189.

On Tuesday, the currency touched its weakest intraday level since May 6 at 1.2204. It has pulled back from a six-year high earlier this month at 1.2007.

Oil, one of Canada‘s major exports, notched its highest level since October 2018 at $72.83 a barrel before pulling back to $72.10, supported by a recovery in demand from the coronavirus pandemic and a drop in U.S. crude inventories.

Canadian government bond yields were little changed across the curve, with the 10-year flat at 1.383%. On Monday, it touched a 3-month low at 1.365%.

(Reporting by Fergal Smith; Editing by Andrea Ricci)

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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