Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Canadian dollars. (JONATHAN HAYWARD/THE CANADIAN PRESS)
Canadian dollars. (JONATHAN HAYWARD/THE CANADIAN PRESS)

Loonie ends slightly higher amid improving trade numbers Add to ...

The Canadian dollar closed little changed Thursday amid positive trade data and moves to stimulate the European economy.

The loonie drifted 0.02 of a cent lower to 99.18 cents (U.S.) as Statistics Canada reported that Canada’s trade balance went from a deficit of $1.2-billion (Canadian) in February to a surplus of $24-million in March. Economists had widely expected the balance would show a $700-million deficit.

More Related to this Story

Exports grew 5.1 per cent to $40.5-billion in March, with energy shipments up almost 4 per cent.

Imports rose for a third consecutive month to reach $40.4-billion, their second-highest value on record.

Commodity prices also advanced and sentiment was positive on markets after the European Central Bank cut its key rate to help the euro zone shake off the deep economic malaise that set in as a result of the region’s government debt crisis.

The ECB on Thursday cut the rate to 0.5 per cent from 0.75 per cent.

Economists, however, warn that this cut may not have much direct effect since banks are not passing on low rates in indebted countries that need help the most.

Commodities clawed back some of the steep losses racked up Wednesday after weak readings on manufacturing raised concerns about the Chinese and American economies.

The June crude contract on the New York Mercantile Exchange rose $2.96 (U.S.) to $93.99 a barrel after data showing a bigger-than-expected rise in U.S. oil inventories helped send oil down almost $2.50 a barrel Wednesday

July copper gained 2 cents to $3.10 a pound after tumbling 11 cents, while June gold bullion recovered most of Wednesday’s loss, up $21.40 to $1,467.60 an ounce.

Follow us on Twitter: @GlobeBusiness

 
  • Markit
  • Nymex
  • The Goldman Sachs Group, Inc.
  • HSBC PLC
  • New York Mercantile Exchange
  • Statistics Canada
  • European Union
  • International Monetary Fund
  • United States of America
  • China
  • Europe
  • Currencies
  • CADUSD-FX
  • GC-FT
  • CL-FT
  • HG-FT
Live Discussion of Markit on StockTwits
More Discussion on Markit
Live Discussion of Nymex on StockTwits
More Discussion on Nymex
Live Discussion of The Goldman Sachs Group, Inc. on StockTwits
More Discussion on The Goldman Sachs Group, Inc.
Live Discussion of HSBC PLC on StockTwits
More Discussion on HSBC PLC
Live Discussion of New York Mercantile Exchange on StockTwits
More Discussion on New York Mercantile Exchange
Live Discussion of Statistics Canada on StockTwits
More Discussion on Statistics Canada
Live Discussion of European Union on StockTwits
More Discussion on European Union
Live Discussion of International Monetary Fund on StockTwits
More Discussion on International Monetary Fund
Live Discussion of United States of America on StockTwits
More Discussion on United States of America
Live Discussion of China on StockTwits
More Discussion on China
Live Discussion of Europe on StockTwits
More Discussion on Europe
Live Discussion of Currencies on StockTwits
More Discussion on Currencies
Live Discussion of CADUSD on StockTwits
More Discussion on CADUSD-FX
Live Discussion of GC on StockTwits
More Discussion on GC-FT
Live Discussion of CL on StockTwits
More Discussion on CL-FT
Live Discussion of HG on StockTwits
More Discussion on HG-FT

More Related to this Story

Topics:

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories