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.
Hello! I simply want to offer you a big thumbs up for the excellent info
you have right here on this post. I am coming back to your web site for
more soon.
If some one needs to be updated with latest technologies therefore he must be visit this web site and be up to date everyday.
I read this article fully on the topic of the resemblance of newest and preceding technologies, it’s remarkable article.
It’s appropriate time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I want to suggest you few interesting things or advice. Maybe you can write next articles referring to this article. I wish to read even more things about it!
hey there and thank you for your information – I’ve definitely picked up anything new from right here. I did however expertise several technical points using this web site, as I experienced to reload the site lots of times previous to I could get it to load correctly. I had been wondering if your hosting is OK? Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and can damage your high-quality score if ads and marketing with Adwords. Well I am adding this RSS to my email and can look out for much more of your respective interesting content. Make sure you update this again very soon.
Good day! Do you know if they make any plugins to assist with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good gains. If you know of any please share. Appreciate it!
Hey There. I found your blog using msn. This is an extremely well written article. I’ll make sure to bookmark it and come back to read more of your useful information. Thanks for the post. I will certainly comeback.
The warranties for some branded cars may go up to 3 or 4 years depending on the model. Strict standards and excellence in service is what made Cullitons the premiere limo service of choice for thousands of Torontonians as well as visiting guests from all over the world. Listed here are some interesting facts about Mercedes-Benz.
Wow, that’s what I was exploring for, what a information! existing here at this weblog, thanks admin of this site.
Hello, Neat post. There is a problem along with your site in web explorer, might test this? IE nonetheless is the market chief and a big section of other people will miss your excellent writing because of this problem.