Connect to share and comment

Canadian dollar rises ahead of heavy slate of economic data; commodities mixed

PlacardEnlarge
(Globalpost/GlobalPost)

TORONTO - The Canadian dollar was higher Monday while the greenback weakened on an improving outlook for risk.

The loonie rose 0.11 of a cent to 90.72 cents US.

It's a big week for economic data with traders looking to the outcome of Wednesday's U.S. Federal Reserve meeting on interest rates, the latest readings on U.S. and Canadian economic growth and, at the end of the week, the American employment report for April.

They will also look to see the Chinese government's purchasing managers index for the manufacturing sector.

Markets also kept an eye on escalating tensions between Ukraine and Russia.

The U.S. was preparing to levy fresh sanctions against Russia for Moscow’s failure to uphold terms of an agreement that calls for Moscow to withdraw Russian forces from the border with Ukraine and encourage pro-Russian separatists to turn over buildings they’re occupying in eastern Ukraine.

At the same time, pro-Russian militants have turned to kidnapping, taking dozens hostage, including journalists, pro-Ukraine activists and European military observers.

On the commodity markets, June crude in New York climbed 47 cents to US$101.07 a barrel.

July copper was unchanged at US$3.09 a pound while June bullion dipped 50 cents to US$1,300.30 an ounce.

http://www.globalpost.com/dispatch/news/the-canadian-press/140428/canadian-dollar-rises-ahead-heavy-slate-economic-data-commod