By Commodity News Service Canada
Winnipeg, July 25 – The Canadian dollar moved lower late Friday morning as the U.S. dollar strengthened amid geopolitical concerns and data showing a rebound in U.S. durable goods orders, analysts say.
At 11:40 CDT Friday morning, the Canadian dollar fell 0.48 of a cent to US$0.9259 or US$1 = C$1.0814 as orders for durable goods in the U.S., including machinery, commercial aircrafts and computers, increased by 0.7 per cent during June. Orders had dropped one per cent in May.
Geopolitical concerns around the world caused the U.S. dollar to strengthen, traders say.
Read Also
Canadian Financial Close: Loonie gives up tenth of a cent
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar eased back on Monday, positioning ahead of Wednesday’s…
On Friday, European Union (EU) ambassadors reached a preliminary deal on stepped-up sanctions against Russia, targeting its access to European capital markets and trade in the defense sector, dual-use goods and sensitive technologies.
Brokers say that it will be a heavy upcoming week for potentially market moving U.S. economic data with the latest reading on consumer confidence on Tuesday, U.S. second-quarter gross domestic product and an interest rate decision by the Federal Reserve on Wednesday. The week will be ending with the Institute for Supply Management’s manufacturing reading and the government’s employment report for July.
At midday on Friday, the Toronto Stock Exchange rose 104.55 points to 15,499.00.
