Canadian dollar slightly higher as commodities take a hit, Fed meeting wraps - InfoNews

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Canadian dollar slightly higher as commodities take a hit, Fed meeting wraps

June 20, 2012 - 9:25 AM

TORONTO - The Canadian dollar was slightly higher Wednesday morning despite weakness in key commodities.

The loonie inched up 0.02 of a cent to 98.23 cents US.

The June crude contract on the New York Mercantile Exchange was down 45 cents at US$83.58 a barrel.

August gold was off $15.30 at US$1,607.90 an ounce, while copper prices were down two cents at US$3.41 a pound on the Nymex.

Meanwhile, Statistics Canada said there was an average of 248,000 job vacancies in the country in three-month period ended in March, up 19,000 from the same period in 2011.

However, it says there were just 5.8 unemployed people for every vacancy, down from 6.5 in March 2011. That was because of both an increase in vacancies and a decline in the number of unemployed people.

In the United States, the Federal Reserve will wrap up its two-day meeting later Wednesday and expectations suggest that it will announce plans to extend a program of buying long-term bonds to keep rates low, or at least signal a readiness to act should the economy sputter.

News from © The Canadian Press, 2012
The Canadian Press

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