Futures Market News
Oil gains drive loonie against greenback
Apr 24, 2012 02:08 PM
Drivers include increased inflation and fervent economic development, the news source reported. Growth is projected to spur the nation's central bank to ponder the feasibility of hiking interest rates higher. The loonie is barreling toward gains of 0.9 percent for the month of April against the world's reserve currency.
"We still have the positive-rate story," European currency strategy head Geoff Kendrick with Nomura Holdings in London told the news source. "We've gone marginally off the tail-risk-type story. There's still news about that, but really the more big-picture driver is likely to be growth this year."
At 12:06 p.m. on Tuesday, crude oil futures dropped 0.46 percent, a 55 cent loss to $118.16 per barrel.
Tuesday's climb for the energy commodity, which is the top export of natural-resources-rich Canada, was increased optimism in the market for Europe during its experience with the sovereign debt crisis, according to MarketWatch. Data about U.S. inventories of the energy commodity is expected to be released later this week.
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