By Commodity News Service Canada
CNS, June 15 (CNS Canada) – The Canadian loonie fell compared to the U.S. dollar this morning, diminishing some increases it saw earlier this week. Lower oil prices and strength in the U.S. dollar were cited as the main reasons.
At 8:25 a.m. CDT Thursday, the Canadian dollar was at 75.33 U.S. cents, down 0.3 percent.
The U.S. dollar, meanwhile, rose against major currencies following the Federal Reserve decision to increase interest rates
Canadian manufacturing sales were robust, rising to record levels in April, boosted by sales in the energy sector, according to Statistics Canada data.
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Slumping oil prices and financials led to early declines on the S&P/TSX Composite Index. The Index fell to 15,125,68 on early trading. All the Index’s 10 main sectors were in decline.
The Bank of England surprised financial markets after a 5-3 vote by its Monetary Policy Committee to keep interest rates unchanged. Many in financial circles expected stronger support for maintaining rates, due to ongoing political turmoil in the wake of recent elections.
It is the closest England’s bank has come to raising rates since 2007 giving rise to speculation a rate hike may be coming in August.
Ritchie Bros., a company that specializes in buying and selling equipment in the agricultural, construction, transportation and energy sectors has sold C$72 million over a two-day auction in Edmonton June 13-14.
“We are beginning to see slight signs of improvement in the Alberta market as contractors get back to work,” Ryan Eacrett, regional sales manager for Ritchie Bros., said in a news release.
