Canadian dollar slides ahead of Cyprus vote, as manufacturing sales weaken | iNFOnews | Thompson-Okanagan's News Source

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Canadian dollar slides ahead of Cyprus vote, as manufacturing sales weaken

March 19, 2013 - 6:18 AM

TORONTO - The Canadian dollar dipped on Tuesday morning on concerns about the bank deposits levy proposed as part of a Cyprus bailout plan.

The loonie was down 0.17 of a cent at 97.65 cents US before stock markets opened.

Leaders of the Mediterranean island nation were scheduled to vote on the plan, though confidence over whether it will pass has been mixed.

If the vote fails to get through the Cypriot Parliament, it could shake confidence in the euro — Europe's main currency.

Meanwhile, Statistics Canada says wholesale sales rose by 0.3 per cent in January to $49 billion, mainly due to higher sales in computer and communications equipment and supplies.

In volume terms, wholesale sales were up 0.5 per cent for the month.

And manufacturing sales edged down 0.2 per cent in January to $48 billion — the fourth decline in five months — impacted by weakness in automotive as well as the petroleum and coal product industry.

In commodities, the April crude contract on the New York Mercantile Exchange added 21 cents to US$93.95 a barrel.

April bullion faded $2.50 to US$1,602.10 an ounce, while May copper fell a cent to US$3.419 a pound.

News from © The Canadian Press, 2013
The Canadian Press

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