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.
Excellent post. I was checking continuously this blog and I am impressed! Extremely helpful information particularly the last part 🙂 I care for such information a lot. I was seeking this certain info for a long time. Thank you and best of luck.
I just like the valuable info you supply on your articles.
I will bookmark your weblog and take a look at once more here regularly.
I’m slightly certain I’ll learn many new stuff proper right here!
Good luck for the next!
Hi there, just became aware of your blog through Google, and found that it is really informative. I’m gonna watch out for brussels. I’ll be grateful if you continue this in future. Many people will be benefited from your writing. Cheers!
Helpful info. Lucky me I found your website by accident, and I am surprised why this accident did not happened in advance! I bookmarked it.
Please let me know if you’re looking for a author for your blog. You have some really good articles and I believe I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some content for your blog in exchange for a link back to mine. Please shoot me an email if interested. Kudos!
Wow, marvelous blog structure! How long have you been running a blog for? you make running a blog look easy. The total look of your site is great, as neatly as the content!
Howdy, i read your blog occasionally and i own a similar one and i was just curious if you get a lot of spam responses? If so how do you prevent it, any plugin or anything you can recommend? I get so much lately it’s driving me insane so any support is very much appreciated.
The essential is that unlike past treatments, the tinnitus is not being masked and not being hidden. For more information, just visit Tinnitus Cure Revealed dot Info. Patients should implement for it and it truly is proposed that they already be below the consideration of a physician, however the grant is for $1500.
Today, I went to the beach front with my kids. I found
a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.”
She placed the shell to her ear and screamed. There was
a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is completely off topic but I had to tell someone!
If some one desires to be updated with hottest technologies
then he must be pay a quick visit this web page and be up to date daily.