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Futures and Commodity Market News |
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Sun May 11, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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WINNIPEG, MB, May 06, 2008 (Resource News International via COMTEX) -- The Canadian dollar was trading at a significantly firmer level versus the US dollar at midday on Tuesday. The Canadian currency was nearly at par with its US counterpart as a result of positive Canadian domestic data and soaring commodity prices, market watchers said. At midday, global crude oil futures had risen to fresh all-time highs, trading above US$122.00 per barrel. While the gains were beneficial to Canada's resource-based dollar, some of the resulting support was offset by ideas that high oil prices will weigh on the US economy and in turn Canada's economy. Gold prices meanwhile, also posted gains. On Tuesday, the Ivey Purchasing Managers index for April was released. The index stood at 57.6, above markets expectations and further helped to underpin the Canadian dollar, brokers said. The Ivey Purchasing Managers Index measures month to month changes in dollars of purchases as indicated by a panel of purchasing managers from across Canada. A figure above 50 shows an increase while below 50 shows a decrease. Canadian March building permit data was also released Tuesday. The report caused early weakness in the Canadian dollar after Statistics Canada reported that Canadian building permits fell 4.5% in March from February, below expectations calling for a 1.4% gain. The softness was short lived however, because the data also showed an upward revision of February building permits to a gain of 0.8% whereas a 1% decline in February has previously been reported. Investors will now be looking ahead to Friday when the next significant reports are scheduled for release, including Canada's April employment and March merchandise trade figures. Some position evening is anticipated ahead of those releases, according to market watchers. At 11:56 CDT, the Canadian dollar was trading at 99.96 US cents or C$1.0004. This compares to Tuesday's morning level of 99.33 US cents or C$1.0067 and Monday's North American close of 98.73 US cents or C$1.0129. At midday on Tuesday, the TSX was higher, up 100.4 points at 11:56 CDT to sit at 14,374.8. |
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Resource News International Copyright 2008 Resource News International Please read the End User Agreement. News provided by COMTEX |
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