Canadian dollar and business outlook
By Commodity News Service Canada
WINNIPEG, June 11 The Canadian dollar weakened against its US counterpart Thursday morning, and oil prices fell as World Bank said it did not expect a growth boost from developing countries as they had previously predicted. Statistics Canada released data on the country’s industries and investments.
At 8:30 a.m. CDT the Canadian dollar was at US$0.8132 or C$1.2297, down from Wednesday’s North American close of US$0.8155, or C$1.2262.
Growth in developing countries doesn’t have momentum yet, the World Bank said in a report on Thursday—cutting its global growth forecast to 2.8 per cent.
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According to World Bank, major economies are expected to grow, but not enough to provide a boost to the global economy.
Canadian industries experienced the largest quarterly production capacity decline since 2009, Statistics Canada said on Thursday.
Canadian industries operated at 82.7 per cent of their production capacity in the first quarter, down from 83.5 per cent in the previous quarter, according to Stats Can.
Manufacturing, mining and quarrying experienced the most significant decline during the first quarter.
Stats Can also released information on their international investment position Thursday.
Canada’s net international investment position increased in the first quarter by C$87.2-billion, which is a record net asset of C$224.3-billion, Stats Can says.
According to Stats Can, the growth was caused by a revaluation effect of a weaker Canadian dollar on international assets than liabilities.
The TSX was stronger in early activity, up 71.33 points at 8:30 a.m. CDT to sit at 14,889.04.
