Loonie holds tight before Greek elections, while European markets ease off fears - InfoNews

Current Conditions

Cloudy
0.4°C

Loonie holds tight before Greek elections, while European markets ease off fears

June 15, 2012 - 9:02 AM

TORONTO - The Canadian dollar held relatively steady Friday amid an easing of concerns about the impact of the Greek elections this weekend on the world economy.

The loonie was up 0.02 of a cent to 97.70 cents US, as commodities also ticked higher.

In Europe, markets were backing off earlier fears about Greece, as belief increased that central banks would intervene in markets in the event that political parties who are opposed to maintaining terms of the Greek bailout win the election on Sunday.

Investors fear that reneging on its bailout terms would force Greece to leave the euro currency union, with uncertain consequences for financial markets and the global economy.

Statistics Canada reported that manufacturing sales fell 0.8 per cent in April to $49.1 billion, marking the third decline in four months, driven in particular by the aerospace product and parts industry and in petroleum and coal products.

In commodities, the July crude contract on the New York Mercantile Exchange was up 31 cents at US$84.22 a barrel.

July copper was up three cents to US$3.38 a pound while August gold edged up $10.70 to US$1,630.30 an ounce.

News from © The Canadian Press, 2012
The Canadian Press

  • Popular kamloops News
  • Comments
View Site in: Desktop | Mobile