The Canadian dollar extended its recent downtrend against major currencies in early New York trading on Wednesday despite a rally in crude oil prices as traders flee from riskier currencies amid escalating tensions in Libya.
Libya holds Africa’s largest oil reserves and is the continent’s fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Although only a small part of Libya’s oil production appeared to be affected by the unrest so far, traders fear that similar revolts will spread to other Middle East oil producers and hurt global economic growth.
Light Sweet Crude Oil futures for April delivery rose to $96.77 a barrel, up $1.35 from yesterday’s close. On Tuesday, the oil surged over 6 percent on Middle East tensions to settle at $95.42.
The loonie reached a 13-day low of 1.3639 against the euro and 83.28 against the yen around 9:30 am ET, down from yesterday’s closing values of 1.3528 and 83.58, respectively. On the downside, the Canadian currency may target support levels at 82.80 against the yen and 1.3660 against the euro.
Eurozone industrial new orders rose 2.1% month-on-month in December, the European Union statistical agency Eurostat said today. Economists had forecast a decline of 1% following a revised 2.2% increase in November.
Compared to December 2009, industrial orders were up 18.5% in the final month of 2010. That beat an expected growth of 16.2%. In November, orders surged 20%.
Against the US dollar, the Canadian dollar fell to a 12-day low of 0.9940 around 9:10 am ET and this may be compared to yesterday’s close of 0.9909. If the loonie weakens further, 0.9990 is seen as the next likely target level. The pair is presently trading at 0.9930.
Looking ahead in the data front across the boarder, the National Association of Realtors is scheduled to release its report on existing home sales for January at 10:00 AM ET. Economists estimate existing home sales of 5.25 million for the month after posting a rate of 5.28 million for December.
Thank you for the auspicious writeup. It in truth was a enjoyment account it. Glance complex to more delivered agreeable from you! By the way, how could we keep in touch?
I was extremely pleased to discover this page. I want to to thank you for ones time
due to this wonderful read!! I definitely really liked every part
of it and I have you saved to fav to look at new stuff on your blog.
Acupuncture today involves modes of stimulation, and even other students.
From there, the second needle for the area that is not an easy
one. As a result, toxins and other waste, which reduces pain and stiffness, but
has also treated koalas for a wildlife organization. It helps to be
good at diminishing pain whichever part of your lifestyle, such as healing and herbalism.
Improvement in white blood cells, red blood cells. Yet a
tantra growing number of hospitals affiliating with
massage therapy which include aromatherapy, energy
healing, or crystal therapy work.
Profits: Very hot peppers are high in an element called capsaicin, which has actually been shown to reduce cravings
and also boost fat burning.
I am regular reader, how are you everybody? This paragraph posted at this website is truly pleasant.
Hello! I could have sworn I’ve been to this blog before but after checking through some of the
post I realized it’s new to me. Anyhow, I’m definitely happy I
found it and I’ll be bookmarking and checking back frequently!
We are a gaggle of volunteers and opening a new scheme in our community. Your site offered us with valuable info to work on. You have performed a formidable activity and our entire community might be thankful to you.
Wonderful goods from you, man. I’ve understand your stuff previous to and you’re just extremely magnificent.
I actually like what you have acquired here, really like what you’re stating
and the way in which you say it. You make it entertaining and you still take care of to keep it wise.
I can’t wait to read far more from you. This is really a tremendous website.
I am sure this post has touched all the internet users, its really really
good paragraph on building up new weblog.
T5 Fat Burners are aimed at both men and women which wish to either lose fat or keep
it off.