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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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U.S., Chinese economic data pushes up Canadian dollar

Apr 02, 2012 03:00 PM

The Canadian dollar advanced against the world's reserve currency on Monday after uplifting economic data from the U.S. and China prompted a brighter outlook for the nation whose economy is based on exporting its natural resources, according to Bloomberg.

The host of the globe's top two economies disclosed strong manufacturing data, which also allayed recent concerns about a slackening pace of development and growth in China, the number two economy. The pace of development in the U.S. is believed to be gaining strength as result of data from the U.S. Institute for Supply Management, which one economist found uplifting.

"The composition of today's reading was also encouraging, with strong gains in the production and employment components," economist Kristen Cornelson with RBC told the Canadian Press on Monday. "On a quarterly basis, the index averaged 53.3 in the first quarter, compared to 52.4 in the fourth quarter. Today's reading therefore points to ongoing healthy growth in manufacturing and suggest that the sector continues to be a key support to overall economic growth in the first quarter of 2012."

Bank of Canada governor Mark Carney is set to speak in Waterloo on Monday, which probably will influence the performance of the loonie.

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