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.
Nice post. I learn something totally new and challenging on sites I stumbleupon every day.
It will always be exciting to read content from other writers and practice a
little something from their websites.
Does your site have a contact page? I’m having trouble locating it but, I’d like to send you an email. I’ve got some recommendations for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it grow over time.
I alvin y las ardillas hope he is Look at it, adding creative and imaginative play starring favorite friends from Sesame Street Fun Shapes Bucket reviewOverall, the final judge of who did the orange are mixing.
It is possible to utilize certain websites to find out the value of a vehicle. Thus if you are buying Cheap Car Insurance via an agent, learn better concerning the kind of insurance and exactly how it is going to benefit you. Parents with success stories could go in terms of inspiring their kids could take them.
I was suggested this web site by way of my cousin. I’m now not sure whether or not this put up is written through him as nobody else recognise such distinct approximately my trouble. You are amazing! Thank you!
I don’t know if it’s just me or if everybody else encountering issues with your blog. It appears like some of the written text within your content are running off the screen. Can someone else please comment and let me know if this is happening to them as well? This could be a problem with my internet browser because I’ve had this happen previously. Many thanks
Also as our team are are offered to aid us to attain our objective, we plan out particular plans for healing, which will be efficiently applied in the healing treatment.
I absolutely love your blog.. Excellent colors & theme. Did you develop this site yourself? Please reply back as I’m attempting to create my own website and want to find out where you got this from or what the theme is called. Kudos!
Excellent goods from you, man. I have understand your stuff previous to and you are just too magnificent.
I actually like what you’ve acquired here, really like what you are
saying and the way in which you say it. You make it enjoyable and you still
care for to keep it smart. I cant wait to read much more from
you. This is really a great website.
I just couldn’t leave your web site prior to suggesting that I extremely enjoyed the standard information a person supply in your visitors? Is going to be back often to check out new posts