Page 1 of 1 Cfcnplus.Ca

Page 1 of 1 Cfcnplus.Ca

CFCNplus.ca - Calgary news from CFCN, CTV Page 1 of 1 CFCNPlus Loonie passes US$1.10 mark in morning trading Loonie passes US$1.10 mark CTV.ca News Staff The Canadian dollar continued its meteoric rise Wednesday, breaking through the US$1.10 barrier. The loonie traded above US$1.10 in both overseas and morning trading Wednesday. It then settled around 109.15 cents US at 10:40 a.m. ET. "Put together the falling U.S. dollar, the rising crude oil prices and the rising gold prices and you have got a supercharged loonie," BNN's Linda Sims said Wednesday. "I can't find anybody who says this is going to slow down anytime soon." On Tuesday, the dollar rose 1.34 cents, closing at 108.52 cents -- a modern-era record close. The Canadian dollar is just one of many currencies benefiting from a weak U.S. greenback. "The U.S. dollar is undergoing a... structural downgrading on world markets where it may no longer be the only reserve currency for the world -- it may have to share that with the euro," said Sims. Meanwhile, the loonie, often considered a 'petro-currency,' has benefited from the huge jump in oil prices. Oil traded at a new record level Wednesday of more than US$98 a barrel. The rise of oil prices has occurred because of expectations of declining U.S. supplies and reports of an attack on an oil pipeline in Yemen, say analysts. On Tuesday, Bank of Canada senior deputy governor Paul Jenkins warned in a speech in New York that there was a downside to the rising dollar. "The magnitude of the (loonie's) recent appreciation appears to be stronger than historical experience would have suggested,'' he said. "The combined effect of a weaker U.S. outlook and a higher assumed level for the Canadian dollar implies that net exports will exert a significant drag on the Canadian economy." The soaring loonie smashed a 50-year record last Wednesday after it topped the high of 106.14 cents US. The old record was reached on Aug. 21, 1957. With files from The Canadian Press Copyright 2001 Bell Globemedia Interactive. http://www.ctv.ca/servlet/HTMLTemplate?brand=generic&tf=ctv/generic/hubs/ctvPrintSt... 11/7/2007.

View Full Text

Details

  • File Type
    pdf
  • Upload Time
    -
  • Content Languages
    English
  • Upload User
    Anonymous/Not logged-in
  • File Pages
    1 Page
  • File Size
    -

Download

Channel Download Status
Express Download Enable

Copyright

We respect the copyrights and intellectual property rights of all users. All uploaded documents are either original works of the uploader or authorized works of the rightful owners.

  • Not to be reproduced or distributed without explicit permission.
  • Not used for commercial purposes outside of approved use cases.
  • Not used to infringe on the rights of the original creators.
  • If you believe any content infringes your copyright, please contact us immediately.

Support

For help with questions, suggestions, or problems, please contact us