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.
Your article has proven beneficial to me. It’s extremely helpful and you are obviously very educated in this area. You have opened my eyes to various views on this topic with appealing and also solid content.
This is the perfect web site for anybody who wishes to find out
about this topic. You know a whole lot its almost hard to argue with you (not that I actually will
need to…HaHa). You certainly put a new spin on a topic which has been written about for a
long time. Wonderful stuff, just wonderful!
Awesome! Its in fact amazing article, I have got much clear idea about from this article.
Good post. I learn something totally new and challenging on websites I stumbleupon everyday. It’s always interesting to read through content from other authors and practice a little something from their websites.
Natural solutions may also prove to be a good alternative to surgical treatments which involve the need to perform procedures that include cutting open the penis, and adding muscle tissues. High blood sugars increase oxidation in the body and have a negative effect on circulation, making it difficult for blood to travel around the body and to the male organ. I was impressed when I saw the list of ingredients found in Revitol.
Howdy very cool site!! Man .. Excellent .. Superb .. I will bookmark your web site and take the feeds additionally? I am glad to find a lot of useful information here in the put up, we need work out extra strategies on this regard, thank you for sharing. . . . . .
You have got interesting posts here. Your website can go viral, you need some initial traffic only.
How to get initial traffic??? Search google for:
marihhu’s tips
You can certainly see your skills in the article you write. The arena hopes for more passionate writers like you who aren’t afraid to mention how they believe. All the time follow your heart.
Do you, yourself, know of the latest trends of this type of fraud. More good news about coffee – it also can have beneficial effects that people can relate to on a daily basis. Moreover, people can easily access to the web via their phone to get current news of the particular state.
If some one wants to be updated with hottest
technologies therefore he must be pay a visit this web page and be up
to date all the time.