Canadian Forex Midday: C$ Lower With Rate Hike Reassurances
By Commodity News Service Canada
Winnipeg, February 24 – The Canadian dollar was lower against its American counterpart at midday Tuesday, as the US Central Bank reassured investors it wasn’t looking to hike interest rates anytime soon.
The loonie was at US$0.7989 or US$1 = C$1.2602 at 11:45 CST Tuesday morning.
US Federal Reserve chairwoman Janet Yellen told the Senate Finance Committee that a hike is only being considered on a meeting-by-meeting basis.
In Greece the country’s business community is breathing a sigh of relief. Creditors in the Eurozone have approved a series of reforms that the new Greek government had suggested to extend its bailout package.
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Data from the Federal Deposit Insurance Corp. showed a drop in earnings by US banks. A report said earnings dropped 7.3 percent in the fourth quarter.
On the commodity markets the March copper contract was up six cents at US$2.66 a pound. The April crude contract in New York was up US$0.36 at US$49.81 a barrel. The April gold contract dipped US$3.80 to US$1,197.20 an ounce.
At 11:45 CST Tuesday morning, the Toronto Stock Exchange was up 37.41 points to 15,238.52.
